In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the Aussie dollar could retreat towards the 0.7520/0.7415 area.
“AUD/USD’s move higher last week reached the 61.8% retracement at 0.7650/52 and we notice the 13 count on the daily chart and some caution is necessary, we would allow for some near term weakness”.
“The intraday Elliott count is suggesting a retracement to .7520/.7415”.
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