AUD/USD could drop to 0.6940 in the medium term – Commerzbank

FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could visit the area of 0.6940 in the medium term.

Key Quotes

“AUD/USD will very shortly encounter the .7402 2014-2015 downtrend and the .7439 August high, where we look for failure”.

“Failure at this key juncture will help to maintain our bearish longer term view”.

“Medium term we continue to target the September low at .6940. Below it lies the .6905 recent low and also the .6774 2004 low”.