AUD/USD: Support at 0.6535 eroded – Commerzbank

The AUD/USD pair goes on to sell-off after eroding the support marked at 0.6535. The Aussie dollar is currently being traded for $0.6543. Karen Jones from Commerzbank analyzes the AUD/USD pair from a technical perspective.

Key quotes

“AUD/USD continues to sell off into a band of support offered by the .6535/.6488 TD supports on the weekly and monthly charts. Please note that we have 13 counts on the daily, weekly and monthly charts and this implies that we are at the end stage of a longer term down move, so extreme caution is warranted.”

“The market will have to overcome the accelerated downtrend at .6666 on a closing basis to alleviate immediate downside pressure and target the 200 day ma at .6844. This guards the .6933 January high.”