AUD/USD focus is now on 0.7516/0.7481 – Commerzbank

The Aussie dollar could be headed towards the 0.7516/0.7481 band, suggested Axel Rudolph, Senior Technical Analyst at Commerzbank.

Key Quotes

“The currency pair is still drifting lower towards the five month support line at .7516 and the 2016 uptrend line at .7481”.

“Further down lurk the September low at .7443 and the 200 day moving average at .7434. This remains a critical break down point to the .7146 May low”.

“Only an unexpected rise and daily chart close above the .7710/31 September highs would introduce scope to the .7836 April high (not favoured)”.