AUD/USD upside corrective only – Commerzbank

By FXStreet 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”.
For more information, read our latest forex news. …read more

Source:: FX Street