AUD/USD is under pressure and on target for the 200-week ma at 0.7234 – Commerzbank

The AUD/USD pair stands out with a drop under 0.74. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank suspects the aussie has topped long-term and is set to head lower towards the 200-week moving average at 0.7234.

Aussie has topped longer-term

“AUD/USD remains under pressure and last week eroded 0.7410, the September 2020 high, we believe that the market has topped longer term.” 

“Below the 0.7410 mark lies the mid-September and early November highs at 0.7346/40 and the 200-week ma at 0.7234.” 

“Initial resistance is the 1st April low at 0.7533 and it stays directly offered below there.”