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AUD/USD: Reacting to its oversold condition – Commerzbank

AUD/USD has sold off to the 0.5530 1998 low. The market is overstretched and oversold and in need of some near term correction higher, according to Karen Jones from Commerzbank.

Key quotes

“Currently the Elliott wave count is implying a recovery to 0.6085 and possibly even 0.6275.” 

“We have a double Fibo just below 0.6100 and suspect that the correction will halt around here.” 

“Below 0.5500, there is little support until the .4775 2001 low. Resistance sits at the .6020 2008 low.”

 

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