The longer-term bearish stance in AUD/USD is seen unchanged while below the 0.7569/11 band, suggested Axel Rudolph, Senior FICC Technical Analyst at Commerzbank.
Key Quotes
“AUD/USD has reached the August low at .7106 around which it is expected to find at least short-term support. Below it lies the 7077/32 July and December 2019 as well as June 2020 highs.”
“Initial resistance above the one-month downtrend line at .7211 is seen at the 55-day ma at .7332, then .7430, the 9th November high.”
“Overall longer-term bearish pressure will be maintained below .7511/69 (200-day ma, October high and the 7-month downtrend).”