AUD/USD could still drop to the 0.7230 region – Commerzbank

A move to the 200-day SMA in the 0.7230 region in AUD/USD still remains on the cards, suggested Karen Jones, Team Head FICC Technical Analysis Research.

Key Quotes

“AUD/USD has seen only a tepid correction higher, which has remained contained by the 20-day ma at .7423 and the resistance line at .7423, leaving the market on the defensive. This guards the July and late June highs at .7599/.7616.”

“While capped here, we target initially the 200 week ma at .7232. Longer term there is scope for .7054/.6991.”