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Australian Dollar Technical Outlook

Monday, 07 July 2008 16:00:03 GMT

Written by Boris Schlossberg, Senior Currency Strategist

As we wrote on Friday, “The rally from .9511 is an impulse, indicating that the AUDUSD trend remains up.

A small correction should play out over the next few days.  Look for support near .9581 and .9563.  A bullish bias is warranted against .9511.” If today’s support level; at 9563 holds the up bias remains firmly in place.

STRATEGY: Get bullish near .9570, against .9511, target above .9667

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