AUD/USD: Negative bias below the 0.7155 downtrend – Commerzbank

The AUD/USD pair has managed to regain some positive traction on Thursday and is recovering a part of the Wednesday's sharp intraday slide of around 120 pips from the 0.7155-60 zone. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, maintains a negative bias while the aussie trades below the 0.7155 mark and is focused on the recent 0.7006 low.

Key quotes

“AUD/USD has been rejected by the downtrend at 0.7155 sold off sharply on Wednesday. Attention is on the recent lows at 0.7006.”

“The downtrend maintains a negative bias and we remain unable to rule out a slide to 0.6964, the 23.6% Fibonacci retracement. There is scope for this to extend towards the 200-day ma, the February high and mid-June low at 0.6799/74 which, if seen, is expected to hold the downside.”