Australian Dollar Technical Outlook

Published July 9th, 2008 - 06:30 GMT
Al Bawaba
Al Bawaba

The AUDUSD drop from .9668 appears complete as a second wave correction.



Specifically, the drop from .9650 is in 5 waves, making it likely that wave c of the correction is complete.  A bullish bias is warranted against .9328, although price ideally remains above .9475.  We’ll look to move the stop to this level soon.

STRATEGY: Bullish, against .9328, target above .9668 (probably near 1)