AUD/USD: upside could be limited by 0.7169 – Commerzbank

FXStreet (Edinburgh) - In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, bullish attempts in the pair appear to be limited by 0.7169.

Key Quotes

“AUD/USD has reached its near term target of .7165 (intraday Elliott count)”.

“Rallies are expected to remain capped by the .7169 4 month downtrend and .7205 (last weeks high)”.

“Failure here should provoke a retest of the .7050 support. Below .7050 will alleviate immediate upside pressure and retarget the .6905 recent low and then .6774 the 2004 low longer term”.

“We note the 13 count on the 240 minute chart and this adds weight to the idea of failure here”.