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Aud/Usd: Corrective Pull-back


May 10 2011

Aud/Usd lost some ground in the past week, moved few pips below 1.0580 region but enough for invalidation of any bullish impulsive incomplete structure. As such, we think that top is in place, despite hawkish RBA at the end of the week, when pair found the support around 1.0535. From a technical point of view, prices reversed only into a corrective phase, labelled as a black wave 2/B.
If we are on the right track then downtrend should resume soon,with impulsive reaction through 1.0659, which will be a key for more weakness on that pair.

Critical/invalidation region for now stands at 1.1008.

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