Australian Dollar Technical Outlook

Published April 24th, 2008 - 04:29 GMT
Al Bawaba
Al Bawaba

The rally from .7673 is the final leg of the diagonal.  Each leg of a diagonal unfolds in 3 waves (A-B-C).  Wave C of this final leg is from .8512. 



Objectives for the end of the rally are at .9936 and 1.0238.  As long as price is above .9270, another leg higher is likely.  Strong support is at .9435 (near current price) and .9389.  If we get 5 waves down from .9541, then we’ll get bearish against that level.