AUD/USD negative below 0.7229 – Commerzbank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 20, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The outlook for the Aussie dollar remains bearish vs. the greenback while below 0.7229, noted Karen Jones, Head of Technical Analysis at Commerzbank.

    Key Quotes

    AUD/USD yesterday cleared its near term resistance line at .7114 and in doing so alleviates downside pressure and implies recovery to the .7229 2014-2015 downtrend”.

    “The intraday Elliot wave count is suggesting a retracement to .7175/85 ahead of recovery all the way to .7400+. Trend lines outweigh Elliott counts in importance so we will watch price action around here”.

    “While the 2014-2015 downtrend holds we remain overall still negative and we continue to target the September low at .6940. Below it lies the .6905 recent low and also the .6774 2004 low”.
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