Forex Flash: AUD/USD bearish while below 1.0291 - Commerzbank

Commerzbank analysts see the AUD/USD falling, now collapsing into 7 month lows. “The 1.0149 October 2012 low has been eroded. Our longer term target is 0.9805, the 2011-2012 support line and then 0.9404 the 2009 peak”, wrote analyst Karen Jones, watching a market directly offered below the 1.0291 resistance line. Above it, there is tougher resistance at 1.0375/80 and at 1.0402 the 55 day ma.

In terms of a medium term perspective, Commerzbank analysts are “looking for a slide back to 1.0000 to unfold, then the base of an 20 month converging range (currently located at 0.9805)”.