Technician

AUDUSD Potential Long Term Directions

FX:AUDUSD   Australian Dollar/U.S. Dollar
439 1 3
Near term target around 0.8550, where we might see some demand, but overall bearish trend will probably remain in play so long as below 0.9085 key high for now. longer term target is the projection of the triangle breakout at 0.8300 and 0.8000 major support level .

key Notes on chart
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My bias is short down to 0.8000.

The basis is a correction of the major upswing from the 2008 low of 0.6005 to the 2011 high of 1.1079.

The current move suggests an AB=CD correction is in progress, beginning at the high of 1.0581 on 6th April 2013.

In a perfect AB=CD, the current CD leg would end at 0.8000, which is not far off the 0.618 fib level of the major upswing, which lies at 0.7943.
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