Jamie's Pick: 05/23/11
The AUDUSD has dropped beneath 10500 therefore rendering the triangle interpretation invalid. At the point, the advance to 10710 is probably an X wave in a larger more complex correction. Weakness should extend to at least 10400 (61.8% extension and former pivot level). 10200 is the 100% extension and 61.8% retracement and intersects with channel support later this week. 10565 and 10610 are short term resistance levels.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.