In AUD/USD, Commerzbank notes that its key reversal on Thursday led to the 2014 support line at .9365 to be revisited.
“The next lower 55d ma and July 3rd low at .9344/30 are now in focus. We continue to suspect the market will now ease lower. We favour losses to the .9203/00 May low and 200 day ma,” CB projects.
“We also find the 55 week ma in this vicinity at .9184 and the 32 .8% retracement at .9182. These represent major break down points short term. Failure here will target .9000/.8980, the 61.8% retracement,” CB adds.
In line with this view, CB enters a short AUD/USD position toady at market with a stop at 0.9460, and a target at 0.9225.
