FXStreet reports that AUD/USD is trading below the 0.7200 level. According to Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, attention reverts to the August low at 0.7106 while the aussie should hold above key support at 0.7062/0.6991 to avoid further falls. 

“AUD/USD’s outlook stays negative. The pair recently failed at the four-month downtrend at 0.7390 and we will retain a negative bias while capped here.”

“Initial resistance is the 0.7317 55-day ma.”

“We look for losses to 0.7106, the August low. Key support remains at 0.7062/0.6991. This represents the September and November 2020 lows.”