10th May - AUD/USD Pullback Picks Up Pace
10 May 2012
WEEKLY CHART:
There has now been an initial breach of bull channel base support. A clear violation of this would turn focus on the 0.9386 Oct-11 low, ahead of the multi-year 38.2% retracement at 0.9140.
DAILY CHART:
The drift back from the Feb high paused during Apr, finding resistance near the old rising support/return line.
The next downleg is now underway, more decisive, with next support offered by the 0.9948 61.8% retracement. Below here, perhaps the more interesting support area comes from the channel base projection at 0.9820 and 0.9733 76.4% level.
S/term rallies are viewed as temporary at present.
Next story:
17th May - Dollar Euro end of the first leg 
Previous story:
10th May - Crude Oil Slip Gaining Momentum