AUD/USD has topped longer-term, on target for the 0.7054/0.6991 area – Commerzbank

The US dollar hit the highest in a year against the aussie. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, notes that the AUD/USD pair is under pressure and on target for the 200-week ma at 0.7234.

200-week ma at 0.7234 next stop on the downside

“AUD/USD has again sold off and remains under pressure. We believe that the market has topped longer-term.” 

“Below here lies the 200 week ma at 0.7234.” 

“Longer-term there is scope for 0.7054/0.6991.”

“Initial resistance is 20-day ma at 0.7483 and the 1st April low at 0.7533 and it stays directly offered below there.”