Australian Dollar Technical Outlook

Published July 31st, 2008 - 06:00 GMT
Al Bawaba
Al Bawaba

We’ve altered the AUDUSD count slightly from yesterday but the implications remain the same.  



The decline to .9410 is in 5 waves and is probably wave 1 of A down of the next larger degree.  What this means is that the longer term trend is down.  A corrective advance is expected to reach at least .9578 (former 4th wave and apex of former triangle).