AUD/USD room for a pullback to 0.7474 – Commerzbank

The Aussie Dollar could slip back to the 0.7470 area vs. the greenback, suggested Axel Rudolph, Senior Analyst at Commerzbank.

Key Quotes

“AUD/USD last week failed at its six month downtrend line at .7653. Between current levels and the 200 day ma at .7742 we look for failure and for a slide back to the .7474 1 st May low. Below .7474 will target the .7413 May low. Below here lie the May 2017 lows at .7373/.7330. Longer term we look for a move to the 2001-2018 uptrend line at .7156”.

“Above the .7677/.7700 will target the .7813 April high”.