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Australian Dollar Technical Outlook
Friday, 12 June 2009 15:06:22 GMT  |  Jamie Saettele, Senior Currency Strategist
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The AUDUSD rally through .8128 negates the short term bearish bias and leaves the decline from .8269 as just a 3 wave affair, which is corrective.  Also, the advance from .7823 can be counted as 5 waves now although wave 4 is large compared to wave 2.  Continued strength near term would make it more likely that the rally from .7823 is also a 3 wave correction with .7964 as the end of wave b.  Evidence suggests that a triangle or flat is underway from .8269.  .8200 is potential resistance.

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