FXStreet — The Australian Dollar is likely to remain under pressure as long as it trades below the 200-day line at 0,7530, explained Karen Jones, head of FICC Technical analysis at Commerzbank.
The negative Bias for the currency pair AUD/USD remains below the 200-day line intact. The market has eroded the 20-day line and is under pressure. In the previous week, the market was rejected at the 200-day line at 0,7530, including the currency remains under pressure. In addition, the loss of the 20-day line has been acknowledged tees, with strong Rates, which is negative to interpret. Accordingly, the base of the converging Range at 0,7315 our next price target.
A jump over the 200-day line should be to initiate a counter-reaction in the direction of the upper boundary of the triangle.
** FXStreet News Editorial, FXStreet**
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