Jamie's Pick: 08/24/11
“I expect a test of the recent low of 9928 and potentially extended weakness towards 9500. This next drop is expected to give way to a more important low that holds for at least several months. Of note is the intersection of the 100% extension and corrective channel at 9469 on 8/25. Price ideally stays below 10602.” Trading above 10600 would delay the bearish bias and shift focus to former congestion at 10680-10785. Until the AUDUSD shows its hand, there is little to say.
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