AUD/USD now exposes 0.7310 – Commerzbank

Pablo Piovano FXStreet

In light of the recent sharp pullback in spot, the 0.7310 area is now exposed, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“AUD/USD has sold off aggressively and the .7310/15 recent lows are exposed. The intraday Elliott wave count is negative and we would allow for a retest of the .7315/10 recent lows. Below .7315/10 the market is capable of a slide to the 2001-2018 uptrend line at .7176”.

“Above the 55 day ma at .7480 would allow for a recovery to the downtrend at .7550”.

“Above the downtrend would see a challenge of the .7676 June high and the .7676 200 day ma”.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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