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Australian Dollar / US Dollar 02-05
Friday, 05 February 2010 16:15 GMT  |  Written by Jamie Saettele
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The AUDUSD has broken below its December low and focus is now on 8400-8500.  If the decline from 9055 is a 3rd wave, then the decline should extend to at least 8400, which is the 161.8% extension of wave 1.  Dropping below the bottom of the unorthodox channel shown on this chart would likely lead to an acceleration of the decline.

Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Friday evenings), technical analysis of currency crosses on Monday, Wednesday, and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forum.  He is the author of Sentiment in the Forex Market.  Follow his intraday market commentary and trades at DailyFX Forex Stream.   Send requests to receive his reports via email to jsaettele@dailyfx.com. 
 

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