AUD/USD: Increasingly viewed as a top – Commerzbank

Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, notes the RSI has not confirmed the new high and, thus, the AUD/USD has topped.

Key quotes

“AUD/USD’s high last week of 0.6570 was not confirmed by the daily RSI and the market has now eroded the short-term uptrend. This increasingly looks like the market has topped.”

“Minor support is seen along the 55-day moving average at 0.6324 and also at the 0.6265/55 recent lows. Should the 0.6265/55 support area give way, the 0.6213 late March high and then 0.5981, the current April low, would be back in focus.”