AUD/USD: Scope for a slump below the 0.74 mark – Commerzbank

The AUD/USD pair has eroded the 0.7675 pivot as dollar strengthens across the board. Karen Jones, expects the aussie to fall, potentially to the 0.7394 December 2018 high.

Aussie erodes pivot  at 0.7675

“AUD/USD has eroded its near-term pivot at 0.7675 (low 4th May), and failure here flips the chart to more negative territory.” 

“We would allow for a slide to 0.7533 the April low and the 200-day ma at 0.7534.”

“Below 0.7533 lies 0.7413/0.7394, the September 2020 high and the December 2018 high.”

“Rallies will find initial resistance at 0.7772, the 2nd June high ahead of 0.7891, the 10th May high.”