FXStreet (Edinburgh) - In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the Aussie dollar could extend its corrective upside towards the 0.7148 level. Key Quotes “AUD/USD finished the week above the .7017 November low. It remains upside corrective near term”. “The intraday Elliott wave counts are suggesting further strength to the 55 day ma at .7148. Above here we would allow for a return to .7220, the 78.6% retracement”. “Longer term the risks are on the downside and we target the .6774 2004 low. Near term we look for a correction higher - we note that the weekly RSI did not confirm the new low”. For more information, read our latest forex news.