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AUD/USD upside corrective only – Commerzbank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, considers occasional bullish attempts in the pair as corrective only.

    Key Quotes

    AUD/USD last week saw a strong rally higher, but this still has not dislodged anything of note and the rally is indicated to be corrective only”.

    “We are cautious the intraday Elliott wave counts are more positive and the upside risk has increased”.

    “But for now the market stays overall negative and remains offered below the.7143 near term downtrend. Medium term 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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