Forex4you Technical Analysis 16 August 2011

AUD/USD: pennant still forming

The aussie reached the 50% retracement level at the 1.0500 highs as predicted and then began falling. Currently it is in a correction of the move down which will probably go higher, perhaps to 1.0450. From there it is likely the exchange rate will roll over and continue lower, at least matching the 1.0410 lows, if not further, if the main downward trend reasserts itself and the pennant we have been monitoring triggers.

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Analysis by: Joaquin Monfort

Forex4you analyst

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