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Australian Dollar Technical Outlook

Thursday, 01 May 2008 14:57:03 GMT

Written by Jamie Saettele, Currency Analyst

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.

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