AUD/USD: Upper correction – Commerzbank

AUD/USD is correcting higher near term. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, analyzes the AUD/USD pair from a technical perspective.

Key quotes

“Currently the Elliott wave count is implying a recovery to 0.6085 and possibly even 0.6275.” 

“We have a double Fibo just below 0.6100 and suspect that the correction will halt around here. Our focus should then revert to the 0.5530 1998 low.”

“Below 0.5500, there is little support until the 0.4775 2001 low. The November 2000 low at .5070 and the 0.5230 August 2002 low should offer some support ahead of here."