AUD/USD cloud cover resistance 0.9734 - Commerzbank

FXstreet.com (London) - Commerzbank research teams have said that AUD/USD is in the process of eroding the 2012 lows. This suggests to them another leg lower is underway to 0.9404/0.9388, the inter- year pivot and our medium term downside target.

Currently the market will remain directly offered below 0.9780/0.9842 (23.6% retracement of the sell off since April) and only above here would initiate a deeper retracement to 0.9970 (not favoured). They expect that the cloud resistance on the 240 minute chart at 0.9734 should offer initial resistance intraday.