AUD/USD could accelerate the decline below 0.7908 – Commerzbank

Below 0.7908 the Aussie Dollar is expected to gather further downside traction, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“AUD/USD last week saw a break of trendline support and this has left it exposed on the downside. Intraday rallies are indicated to terminate circa .7980 and below .7908 the market should start to accelerate lower to the .7808 current August low, which guards good support at .7748/41. This is where the February and March highs are located and while above here the market will remain bid longer term”.

“Above .8162/66 lies the .8295 January 2015 high”.

“The cross has broken higher from a large triangle formation that targets eventually .8715 (one year + target)”.