20 Jan 2016
AUD/USD: further downside favoured – Commerzbank
FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the Aussie dollar could be headed to the 0.6770 area in the longer term.
Key Quotes
“AUD/USD has already reached the 23.6% retracement at 0.6946, and failed here, overall risk remains on the downside”.
“Above here we would allow for a return to the .7000, .7050 zone. Please note that the 38.2% retracement of the move down lies at 0.7019, and the 13th January high lies at .7048”.
“Longer term the risks are on the downside and we target the .6774 2004 low. Near term we look for a correction higher - we note that the weekly RSI did not confirm the new low”.
Key Quotes
“AUD/USD has already reached the 23.6% retracement at 0.6946, and failed here, overall risk remains on the downside”.
“Above here we would allow for a return to the .7000, .7050 zone. Please note that the 38.2% retracement of the move down lies at 0.7019, and the 13th January high lies at .7048”.
“Longer term the risks are on the downside and we target the .6774 2004 low. Near term we look for a correction higher - we note that the weekly RSI did not confirm the new low”.