AUD/USD Weekly technical Outlook

07 November 2009 @ 12:41 pm EDT

AUD/USD edged lower to 0.8915 last week but few strong support from medium term channel and rebounded. The break of 0.9180 resistance argue that the choppy correction from 0.9326 has completed. Initial bias is mildly on the upside this week for a test of 0.9326 high first. On the downside, below 0.9022 will indicate that rebound from 0.8915 has completed and will flip intraday to bias to the downside for deeper fall.

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