AUD/USD: A-B-C correction in up-trend
Forex4you | Apr 15, 2014 11:08AM ET
The aussie has sold off this morning, falling in another leg lower. The exchange rate has broken back inside its rising channel. Despite this temporary weakness the short-term up-trend is still intact and expected to rise higher. There is a possibility today's move down is the C leg of an A-B-C correction which will soon complete and lead to a resumption of the up-trend. Support at 0.9343 could provide one place where the exchange rate might stop falling and rotate. A break above the 0.9394 peak highs would probably lead to a rally up to the former highs at 0.9460.
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