AUD/USD set to plummet below the 0.70 level – Commerzbank

General dollar strength is being led by the aussie. As Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, notes, the AUD/USD pair is under pressure on target for the 200-week moving average at 0.7225.

AUD/USD is breaking down from its range

“AUD/USD is breaking down from its range near term, this is negative.”

“Short-term while capped by the 55-day ma at 0.7489, a negative bias will be maintained. While capped here, we target the 200-week ma at 0.7225.”

“Longer-term, there is scope for 0.7054/0.6991.”

“The 55-day ma guards the July and late June highs at 0.7599/0.7616.” 

“Initial resistance is the 0.7427 4th August high.”