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Australian Dollar Technical Outlook

Wednesday, 09 July 2008 14:30:31 GMT

Written by Jamie Saettele, Technical Currency Analyst

The AUDUSD drop from .9668 appears complete as a second wave correction.

Specifically, the drop from .9650 is in 5 waves, making it likely that wave c of the correction is complete.  A bullish bias is warranted against .9328, although price ideally remains above .9475.  We’ll look to move the stop to this level soon.

STRATEGY: Bullish, against .9328, target above .9668 (probably near 1)

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