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Australian Dollar Technical Outlook

Thursday, 24 July 2008 14:17:05 GMT

Written by Jamie Saettele, Technical Currency Analyst

The drop below .9677 may be a C wave of an A-B-C decline from .9849.

If so, then the AUDUSD is near a low and .9849 will be exceeded.  Similar to the EURUSD though, the decline is getting a bit deep for a c wave so probability is increasing that a major top is in place.  We’ll look to identify safe bearish entry points going forward.

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