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10 Sep 2015
AUD/USD: correction over? – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued that markets remain vigilant on the events around the pair to determine whether the down move is ready to resume.
Key Quotes
“AUD/USD we remain unclear whether the corrective move is over or not. Near term rallies have faltered at .7070 and it is possible that the market is ready to resume its down move, but we are alert to the possibility of further consolidation”.
“Rallies are expected to struggle at .7205 (last weeks high) and the .7203 4 month downtrend. The market will need to overcome the .7448 July 21 high to negate downside pressure”.
Key Quotes
“AUD/USD we remain unclear whether the corrective move is over or not. Near term rallies have faltered at .7070 and it is possible that the market is ready to resume its down move, but we are alert to the possibility of further consolidation”.
“Rallies are expected to struggle at .7205 (last weeks high) and the .7203 4 month downtrend. The market will need to overcome the .7448 July 21 high to negate downside pressure”.