Did the AUD/USD Top Yet?
Sunday, July 27, 2008
The AUD/USD has dropped considerably this week and now a correction or reversal is coming due of the recent move down. As of writing, the current level of 0.9550 is quite an important pivotal point.
A move much below 0.9500 could target the opposite side of the long term channel (around 0.8500) in place for several years, whereas a move back up above 0.9750 would likely result in an attempt at 1.00.
Be prepared for either the break back up or the breach of the lower trend line for a continued fall. This week will give us a longer term direction.
good trading,
Pierre
