AUD/USD Door Open for Further Downside – Commerzbank

AUD/USD Door Open for Further Downside – Commerzbank

5 April 2016, 15:20
Roberto Jacobs
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AUD/USD Door Open for Further Downside – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the relevance of the key support at 0.7477.

Key Quotes

“AUD/USD held sideways and has started to erode the accelerated uptrend at .7610 – this adds weight to the idea of a correction lower taking hold near term”.

“As we highlighted last week, the recent high of .7722 had been accompanied by a divergence of the daily RSI”.

“Attention has reverted to support, namely .7477, last weeks low, and .7416 (16th March low). The October and November highs lie at .7384/81”.

(Market News Provided by FXstreet)

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