18 May 2010

AUD/USD : Potential Double Top on Weekly, NL @ 0.8684

  • AUD/USD now @ 0.8731.
  • Key level of 0.8684 is within reach. This is the neckline (bold purple) of a potential double (or triple) top. A close below would be very bad news for the AUD/USD technical outlook.
  • In the big scheme of things, if broken, the DT objective at 0.8002, whilst scary sounding, will really just be a small blip on the chart.
  • Feel lucky to be only long CAD as sole Risk On proxy, as suggested by the AUD/CAD chart. In hindsight, that was a really good decision. Could so easily have split risk between the 2.

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