AUD/USD: the demise of the downtrend – CB

By FXStreet FXStreet (Guatemala) – Karen Jones, chief analyst at Commerzbank explained that the closes above the September high at 0.07279 in AUD/USD was needed to negate downside pressure and price re-targets the 0.7448 July 21 high.

Key Quotes:

“The upside risk has increased following the demise of the downtrend.”

“Medium term we continue to target the September low at 0.6940. Below it lies the 0.6905 recent low and also the 0.6774 2004 low.”

“We note that the intraday Elliott wave count is more positive and is indicating that dips lower should hold in the 0.7165/.7200 band for another upside attempt.”
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Source:: FX Street