Prepared by Jamie Saettele, CMT
The AUDUSD continues to plummet and is now over 700 pips from its record high registered in late July. Price has broken the support line that defines the rally from the May 2010 low and reached the 200 day average at 10300. The drop is certainly extended but additional weakness cannot be ruled out. Resistance from late 2010 and early 2011 at 10200 is expected to provide support if reached.