FXStreet reports that Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, notes that the AUD/USD pair has eroded the 55-day moving average (DMA) at 0.7718, which suggests further weakness towards the 0.7564 February low.

“AUD/USD has started to erode its 55-day ma at 0.7718, this hot on the heels of a key week reversal last week suggests further weakness.” 

“A close below last Friday's low at 0.7693 should trigger losses to the 0.7564 February low.” 

“Intraday Elliott wave counts are implying that rallies to the 0.7840 region are likely to fail.”