AUD/USD to target the 200-DMA at 0.7400 – Commerzbank

FXStreet Team FXStreet

AUD/USD faltered ahead of the near-term downtrend. According to Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, a close below the 0.7564 February low is set to trigger a slide to the 0.7463 mark.

See: AUD/USD set to continue south as virus seasonality hits Australia – Nordea

AUD/USD is offered below the 55-DMA at 0.7713

“AUD/USD spent last week capped by initial resistance at the 0.7663/93 late February low and late March high and also along the 55-day ma at 0.7713 and this leaves the market on the defensive.”

“A close below the 0.7564 February low would probably trigger a slide to the 0.7463 December 21 low and the 0.7413 September high. The 200-day ma is in close proximity to this at 0.7411 and should hold the downside.”

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