AUD/USD: Market on the defensive – Commerzbank

Investors are reluctant to add long positions on AUD/USD, in the opinion of Karen Jones from Commerzbank, who takes a look at the technical picture and set the targets for the AUD/USD pair.

Key quotes

“Dips lower should find initial support at .6433 for immediate upside pressure to be maintained. But it should be noted that the intraday Elliott wave count is neutral to negative and we cannot dismiss a possible retest of the .6312 low.”

“To confirm the low is in place at .6312, a close above the .6671 October low is needed. This will alleviate immediate downside pressure and target the 200-day ma at .6824.”