16 Mar 2016
AUD/USD could test the 0.7760 area – Commerzbank
In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the Aussie dollar could see its upside renewed and attempt a test of 0.7760.
Key Quotes
“AUD/USD continues to ease lower very near term from the recent .7593 high, by this has been accompanied by a TD perfected set up and, for now, the daily Elliott wave is indicating dips to .7355/.7285 are likely near term, but should hold there and recover”.
“Currently if we assume that AUD/USD has based the measurement higher extends to .7760”.
“Note the intraday elliott wave count suggests that the market should recover from current levels and we will reattempt long positions”.
Key Quotes
“AUD/USD continues to ease lower very near term from the recent .7593 high, by this has been accompanied by a TD perfected set up and, for now, the daily Elliott wave is indicating dips to .7355/.7285 are likely near term, but should hold there and recover”.
“Currently if we assume that AUD/USD has based the measurement higher extends to .7760”.
“Note the intraday elliott wave count suggests that the market should recover from current levels and we will reattempt long positions”.