Australian Dollar Technical Outlook

Published February 5th, 2008 - 07:14 GMT
Al Bawaba
Al Bawaba





The spike low on 1/30 at .8817 may have completed a small 2nd wave within a 5 wave advance from .8512.  As such, wave 3 is probably underway now.  Wave i of 3 is complete at .9100 and a wave ii pullback is underway towards the .8925-.8992 zone (this is the 61.8%-50% of .8817-.9100). 

STRATGY: Long in halves at .8995 and .8935, against .8815, target mid .90s and 1.0000