Thursday, 28 January 2010

Will the Australin Dollar bounce again at neckline? - I'm doubtful

The daily chart for AUD/USD reveals a key test of support coming up after a clear failure by the Australian currency to break back above the cloud formation.
We could see another recovery from a break of the "neckline" as was seen in late December, but the overarching rolling top formation is starting to suggest that the intermediate term trend for this key carry trade currency is down.

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