AUD/USD set to decline towards the 0.7171 mark – Commerzbank

AUD/USD is eroding its 55-day moving average (DMA) at 0.7364 and is back under pressure. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the aussie to extend its slide to the 0.7171 mark.

AUD/USD under pressure, 55-DMA being eroded

“AUD/USD is eroding the 55-DMA at 0.7364 and is under pressure. The pair has recently failed at the 200-DMA at 0.7549 and the move below the 55-DMA targets the base of the channel at 0.7243 and the 29th September low at 0.7171.”

“Intraday Elliott wave counts are implying rallies to 0.7430 was an interim high.”