AUD/USD potential for a leg lower still persists – Commerzbank

AUD/USD still risks a correction lower as long as the 0.7980/91 band caps the upside, suggested Axel Rudolph, Senior Technical Analyst at Commerzbank.

Key Quotes

“AUD/USD once more failed below last week’s high at .7963 and the July 20 high at .7991. While the .7980/91 July 20 and August 4 highs cap, another down leg should soon be seen”.

“Below the .7814/08 current August low and support line lies good support at .7769/41. It is where the February and March highs meet the 55 day moving average”.

“Above the .8065 level the .8162/66 May 2015 peak and 50% retracement can be seen. Above there lies the .8295 January 2015 high”.