Australian Dollar Technical Outlook

Published June 19th, 2008 - 06:21 GMT
Al Bawaba
Al Bawaba

The rally from .8952 is wave C of a large 5th wave diagonal that could extend to a measured objective just below 1.00 in coming weeks (.9936).”



Lighten up on longs as the AUDUSD has run into resistance from a former congestion area just below .9500.  Risk can be moved to .9388.

STRATEGY: Bullish, against .9388, target TBD