Australian Dollar Technical Outlook

Published April 29th, 2008 - 04:42 GMT
Al Bawaba
Al Bawaba

We wrote Friday that “the decline is in 5 waves, therefore the best strategy is sell strength against .9541.  Resistance begins at .9373.” 



The pair has rallied to .9403, to the middle of the Fibonacci resistance zone and the drop from there makes it highly likely that a wave 2 (or B) top is in place.  Near term resistance is at .9340/60.