Flash: AUD/USD back under pressure - Commerzbank

FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that AUD/USD has collapsed lower and is on course for the 0.8848 August low and 0.8745, the base of a 2 year down channel.

Key Quotes

“We would expect to see this hold the initial test. However longer term we are bearish and longer term targets are found at 0.8550 en route to 0.8068.”

“Intraday rallies should now struggle on rallies to 0.8975/0.9000 and provided that the topside is capped by the 0.9186 resistance line, we will maintain a negative bias.”