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”. For more information, read our latest forex news.