AUD/USD: further to run on the downside? - Commerzbank

Analysts at Commerzbank noted that AUD/USD’s correction lower probably has further to run. 

Key Quotes:

"The cross recently topped at 0.8065. Failure at 0.7836 will push the three-month support line at 0.7790 to the fore."

"Above the 0.8065 level the 0.8162/66 May 2015 peak and 50% retracement can be seen. Above there lies the 0.8295 January 2015 high. The longer term outlook is positive. The market has broken higher from a large triangle formation that targets eventually 0.8715 (one year + target)."