Australian Dollar Technical Outlook

Published August 21st, 2008 - 05:32 GMT
Al Bawaba
Al Bawaba

The AUDUSD is testing the limit of its triangle but the pattern is still valid.



 We expect a new low (below .8591) before a more permanent low forms.  The AUDUSD is in the exact same spot as the GBPUSD.  That is, the recent consolidation is a 4th wave triangle.  The 2008 low to this point is .8512 (1/22 low) and reinforces the psychological .85 level as potential support.