AUD/USD to tick down while below the four-month downtrend at 0.7467 – Commerzbank

AUD/USD is set to remain under pressure while capped by the four-month resistance line at 0.7467. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, allows for a dip to the 0.7308 mark initially.

Aussie stalled at the four-month downtrend

“AUD/USD recently failed at the four-month downtrend at 0.7467. We would allow for a pullback to the 20-day ma at 0.7308. Below the 20-day ma lies 0.7289, the 21st July low and this guards 0.7106, the August low. 

“A close above the resistance line would target the 2021 resistance line at 0.7693.”