AUD/USD expected to lose upside momentum – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees the upside around the Aussie Dollar running out of steam.

Key Quotes

“AUD/USD charted a high last night of .7608 which has not been confirmed by the daily RSI – this reflects a loss of upside momentum and we should see failure. Currently however the market remains bid and we remain unable to rule out a move to the .7648 2013-2016 channel (where it should fail)”.

“Below the uptrend at .7578 should trigger losses to .7496 200 day ma, .7403 the 55 day ma and then .7312/00 then .7161/64, the recent lows”.