AUD/USD has further downside to come yet - Commerzbank

FXStreet (Guatemala) - AUD/USD had sold off to and is has eroded the 0.8840/78.6% retracement of the move seen this year. Karen Jones, chief analyst at Commerzbank warns of further downside to come.

Key Quotes:

“A close below here will regarded as the break down point to 0.8660 this years low. Note the Elliott wave count on the daily is suggesting a retracement into the 0.8965/0.9047 band”.

“Resistance lies at 0.8955 (23.6% retracement) ahead of 0.9110 high from the 16th September – key resistance is regarded as the 0.9180 200 day ma”.