AUD/USD breaks critical .9145 retrace support to aim lower
- After consolidation most of last week, as expected and as Tweeted, a more negative outlook resurfaced late Friday.
- This has been after cautious correction activity wuith reluctance to move closer to the .9440/50 area, which has looked to cap into Q2-end.
- The probe below our long-held target at the critical 38.2% retrace of the entire 2008-11 rally at .9145, reinforced the prior push below the key 2011 low at .9388, to complete a long term top.
- We still see the July threat through .9000 to chart props .8900 & .8770 and maybe to the 50% retrace at .8545.