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Australian Dollar Technical Outlook

Tuesday, 15 April 2008 12:53:09 GMT

Written by Jamie Saettele, Currency Analyst

The bearish bias against .9344 has worked out so far.  “We are treating the decline from .9470 (which may have been a truncation) as a series of 1st and 2nd waves.  

This bearish count remains valid as long as price is below .9353.  It is also possible that the .9496-.8952 decline and .8952-.9344 rally are waves A and B in a larger correction.”  Risk on shorts can be moved to .9307    

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