Australian Dollar Spike High Through .9100

Published January 31st, 2008 - 06:27 GMT
Al Bawaba
Al Bawaba

Commentary:  5 waves up from .8512 is complete at .9014 so expectations are for a decline to unfold over the next week or so that brings price back to the .8763/.8704 zone (this is the 50%-61.8% of .8512-.9014).  The pattern is the exact same as the USDCAD (but in the opposite direction).    

Strategy: Flat