AUD/USD: Short positions reinstated – Commerzbank

AUD/USD has reached the 55 day ma at 0.6181. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, analyzes the AUD/USD technical outlook.

Key quotes

“Currently the daily Elliott wave count is implying a recovery to 0.6275 and possibly even 0.6450.”

“The intraday Elliott wave counts are much more negative and imply that the correction may halt around here and for now we have reinstated short positions.”

“It stays bid above 0.5873 and this guards the 0.5530 1998 low.”