Australian Dollar Technical Outlook

Published May 1st, 2008 - 06:57 GMT
Al Bawaba
Al Bawaba

Unfortunately, the AUDUSD broke through .9403 but did not exceed .9541. 



Still, we maintain that the AUDUSD is headed lower in either a 3rd wave or C wave.  “The decline from .9541 is in 5 waves and is wave 1 (or A) in a 5 (or 3) wave bear cycle.”  The rally to .9470 (near the former 4th wave extreme) was in 3 waves (corrective).  Expect the decline to accelerate tomorrow / next week.