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AUD/USD sell on strength – Commerzbank

FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, recommends selling the pair on rallies towards 0.8850/0.8955.

Key Quotes

AUD/USD has sold off towards .8660 this years low and our short term target. We note the 13 count on the daily chart and would allow for this to hold the initial test”.

“Resistance lies at .8839 (23.6% retracement) ahead of .8999, the high from the 19th September – key resistance is regarded as the .9177 200 day ma”.

“Below .8660 we look for losses to the base of its 3 year channel at .8444/00. Note the Elliott wave count on the daily is suggesting a retracement into the .8850/.8955 band, if seen we would sell into any rallies”.

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