Flash: AUD/USD consolidation before further losses - Commerzbank

FXstreet.com (London) - Karen Jones at Commerzbank research teams has noted that the daily RSI hasn’t confirmed the 0.9528 low charted yesterday and as a consequence she would allow for some near term consolidation ahead of further losses.

Currently the market will remain directly offered below 0.9780/0.9842 (23.6% retracement of the sell off since April) and only above here would initiate a deeper retracement to .9970 (not favoured). The cloud resistance on the 240 minute chart at .9713/98 should offer further resistance intraday she say’s.