AUD/USD remains under pressure while below 0.7183/0.7260 – Commerzbank

While below the 0.7183/0.7260 area, the Aussie Dollar is expected to remain under pressure, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“AUD/USD continues to recover near term and we would allow for a rally to the 55 day moving average at .7183 and the .7260 2018 channel and while capped here this will leave the market under overall pressure”.

“We are looking for reversal for a number of reasons – we have TD support at .6995, the large divergence of the daily RSI and the 13 count on the weekly chart”.

“A close above the channel would be required to negate downside pressure and trigger a move to the .7474 9 th July high on the way to the 200 day ma at .7505”.