AUD/USD to reverse back lower from the 0.7486 resistance – Commerzbank

AUD/USD is clinging to 0.74 as it is approaching initial target at 0.7427. The aussie is expected to fail between here and the 0.7486 downtrend, according to Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank. 

Resistance line at 0.7486

“AUD/USD is approaching its initial target at the 0.7427 4th August high and between here and the 0.7486 3-month resistance line, we would allow for failure.”

“Initial support lies at 0.7289, the 21st July low and 0.7106, the August low.” 

“A close above the resistance line would target the 2021 resistance line at 0.7701.”