AUD/USD 09/11/2011

November 9, 2011

Could this be the renewal of the downtrend? Here is a possible wavecount of the recent move down, W.1 circle completed near 1.0200(strong support line) and a daily close below that should be a signal of more weakness ahead. W.3 circle first target is near 0.9898(100% of W.1) followed by 0.9557(161.8% fibonacci level). Recent swing high near 1.0445 should provide resistance.

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