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2 Nov 2021
AUD/USD to suffer further losses towards the 0.7437/27 support zone – Commerzbank
AUD/USD is easing back from the 200-day moving average (DMA) at 0.7556. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the aussie to challenge the 0.7437/27 support area.
AUD/USD needs to recover the 200-DMA to regain upside potential
“AUD/USD continues to consolidate just below the 200-DMA at 0.7556. We note the divergence of the daily RSI and should see some slippage.”
“Dips should find interim support at 0.7427 the 4th August high and 0.7437 (20-DMA) and this guards the 29th September low at 0.7171.”
“Above the 200-DMA lies the seven-month resistance line at 0.7607. We will need to regain this zone for further upside impetus.”