The AUD USD posted a closing price reversal bottom yesterday at .8591. The subsequent rally confirmed the bottom, but needs to hold it on the next retest. If this bottom fails, then the next down side target is .8505. A close over .8762 would be a sign of strength. Fundamentally, this market may weaken if commodity prices continue to fall. The weakness in gold is pulling this market lower. After a short-term rally look for the downtrend to begin once again.
PATTERN
Main Trend: Down
Main Trend Top: .9850 (07-15-08)
Main Trend Bottom: .8511 (01-22-08)
PRICE
.9050 Gann Angle Down
.8762 50% Retracement
.8698 New York Close
.8693 Weekly Gann Angle Up
.8591 Closing Price Reversal Bottom (08-13-08)
.8511 Main Trend Bottom (01-22-08)
.8505 .618 Retracement
.8318 Gann Angle Up
TIME
Aug 15 180-Day Cycle
Aug 17 1-Year Anniversary