The Aussie has been the star of the market lately so here’s a quick analysis of the charts.
The daily chart of the AUDUSD has a perfect H&S whose target is around 0.8850 / 0.8800 which also happens to be the recent low. I’m pretty sure this move will play out to that level. The Aussie is generally very well behaved technically. I captured the bulk of the breakdown from the head to the neckline, but missed catching the breakdown from the right shoulder near 0.94 – in all the hustle & bustle chart reading has become less thorough :-(.
On the weekly the long-term target from the breakdown of the giant triangle is in the region of 0.78. I don’t trade weekly charts; I just keep them in the back of my mind. Weekly charts are not reliable for s-t trading.
Edit 3.15 gmt: Just as I finished and posted the above, AUD seems to have got new life and is rising strongly! 0.9130 currently. It may go unto 0.9150, perhaps even 0.9200, but that will be a good selling level.