AUD/USD heads for the base of the channel at 0.7248 – Commerzbank

AUD/USD lost more than 50 pips on Wednesday and extended its slide early Thursday. The aussie is set to test the base of the channel at 0.7248, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.

Aiming for the base of the channel

“AUD/USD has eroded the 55-day ma and remains under pressure. The pair targets the base of the channel at 0.7248 and the 29th September low at 0.7171.” 

“Intraday Elliott wave counts are implying that 0.7430 was an interim high.”