AUD/USD fails at the 0.7031 December high, uptrend at 0.6820 to be eroded – Commerzbank

The aussie was unable to close the 0.7031 December 2019 and is now set to pierce the uptrend at 0.6820, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports. UOB also expects falls in the AUD/USD pair.  

Key quotes of Commerzbank

“AUD/USD did not manage to close above the 0.7031 December 2019 high and has now sold off to the accelerated uptrend at 0.6820 – which is being eroded. 

Initial support is the 0.6774 February 5 high and 200-day ma at 0.6665. Key support is offered by the two-month uptrend at 0.6567 and this maintains an upside bias.” 

“Beyond 0.7065 lies the 55-month ma at 0.7290.”