Australian Dollar Pair AUD/USD Analysis, and Forecast 7-27-11

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AUD/USD Australian Dollar Forecast 7-27-11

Australian dollars has climbed to the highest level known to this pair. However, looking at the monthly chart of AUD/USD, it is becoming evident that recent climb is most probably the highest price, it would have achieved and probably a crest, this pair was aiming for.

Wave 'AB' from 1996 high to 2002 low, was equal to massive water fall decline wave 'CD' of 2008-2009. The wave 'ab' rise from 2002 low to the 2008 high, is equal 2009 low to current price, the wave 'dc'. Furthermore, the current price is being clustered within many Fibonacci extensions and retracements, combined with the resistance offered by the Pitchfork price/time tool. Therefore, Australian dollar shall find a reason to decline from these levels.