The Aussie dollar could see its upside extended towards the mid-0.7800s vs. the greenback, according to Karen Jones, Head of FICC Technical Analysis at Commerzbank.
Key Quotes
“AUD/USD has seen a strong recovery off the 23.6% retracement support at .7479 and is once again probing resistance at .7650, risks are shifting to the topside and above .7680 (18th March high) will see the .7850 (38.2% retracement of move down from 2014) and the .8030/50 target engage (base measurement)”.
“We note that the daily Elliott wave is suggesting losses as far as .7325 and this cannot be ruled out but the intraday Elliott wave counts are more positive. Given the 13 count on the daily and the recent divergence of the daily RSI remain cautious”.
(Market News Provided by FXstreet)
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