FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank hinted at the possibility of the pair to test the 0.7200 area.
Key Quotes
“AUD/USD we noted yesterday the TD perfected set up on the 240 minute chart and 13 count and we are seeing a rebound near term”.
“Near term dips are now expected to find support at .7000/.6980 and the intraday Elliott count is suggesting upside scope to approximately .7200”.
“Rallies are expected to struggle at .7205 (last weeks high) and are likely to remain contained by the .7214 4 month downtrend. The market will need to overcome the .7448 July 21 high to negate downside pressure”.
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