AUD/USD to extend the slide towards mid-June low at 0.6789 – Commerzbank

The aussie slipped sharply on Thursday and is extending the slide on Friday. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbak, expects the AUD/USD to fall to the 0.6964 mark with potential to see further losses towards the mid-June low at 0.6789.

Key quotes

“AUD/USD has sold off aggressively – a negative bias remains entrenched below the short-term downtrend at 0.7211, which continues to hold. The down trend maintains a negative bias and the near-term risk remains for a slide to 0.6964, the 23.6% retracement.” 

“There is scope for this to extend towards the 200-day ma, the February high and mid-June low at 0.6789/74, which is expected to hold the downside.”