AUD/USD: Ideally will fail at the 55-day ma recently reached – Commerzbank

AUD/USD has reached its 55 day ma, where it will ideally fail, according to Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank.

Key quotes

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

“Attention reverts to 0.5873 and this guards the 0.5530 1998 low.”