AUD/USD bid above 0.7748/41 – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the Aussie Dollar remains bid while above the 0.7748/41 band.

Key Quotes

“AUD/USD has sold off to the 3 month uptrend at 0.7885, intraday Elliott wave counts imply that this will give way. Below the uptrend lies the .7808 current August low, which guards good support at .7748/41. It is where the February and March highs are located and while above here the market will remain bid”.

“Longer term our focus is on the .7980/91 July 20 and August 4 highs and this guards the .8065 recent high. Above the .8065 level the .8162/66 May 2015 peak and 50% retracement can be seen. Above there lies the .8295 January 2015 high”.

“Below .7841 would suggest an erosion back to the .7694 triangle top”.