AUD/USD negative below 0.7358 – Commerzbank

AUD/USD keeps the negative stance intact below 0.7358, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“AUD/USD continues to recover near term just ahead of the May low at .7146 and has reached the accelerated downtrend at 0.7358 - while capped here a negative bias will remain intact. Please note however that the intraday Elliott wave count is implying a deeper recovery to the .7460, .7580 zone, but even this move will remain within the realms of a correction only”.

“We view AUD/USD as having topped longer term and maintain a bearish bias. Below 0.7146, we eventually expect it to slide back to the .6828 January low”.