Australian Dollar Technical Outlook

Published May 7th, 2009 - 06:40 GMT
Al Bawaba
Al Bawaba

The rally from .6953 is wave v of C and the objective at .7630 was nearly reached this morning (which is where wave v of C would equal wave i of C).  This is close to the 50% of the decline from .9822.  Divergence with RSI warns of a top within the next few weeks.  Short term structure does not look complete but the rally is in its final stages.