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AUD/USD bearishness accelerates below 0.7017 – Commerzbank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the Aussie dollar could intensify its downside below 0.7017.

    Key Quotes

    AUD/USD’s chart is giving few signals however various Elliott wave counts are suggesting a reluctance to maintain upside pressure at this point and our favoured scenario is that the market will fail in this vicinity”.

    “We remain unable to rule out an attempt on the .7295 200 day ma and we need a close below the .7017 low charted in November in order to reassert downside pressure”.

    “Longer term the risks are on the downside and we target the .6774 2004 low. Nearby support at .6920 guards the .6828/29 recent lows”.
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