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Australian Dollar Technical Outlook Australian Dollar Technical Outlook
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Old 06-25-2008, 10:30 AM
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DailyFx is a veteran on the BabyPips.com Forums and is a great contributorDailyFx is a veteran on the BabyPips.com Forums and is a great contributor
Default Australian Dollar Technical Outlook
The AUDUSD advance is tracking our preferred count, confirming that the decline from .9653 was corrective and that the pair is likely headed to a new high.


We wrote yesterday to “remain bullish as long as price is above .9327 but traders may wish to lighten up on a move through .9566 (shown above). This could complete a 1st wave and give way to a correction that comes back to at least .9492.” It does look like there are 5 waves complete at .9585 and a 3 wave correction should take place and end no lower than .9487.
STRATEGY: Bullish, against .9327, target TBD (but a corrective decline should be underway towards at least .9487)
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