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OK so I posted a blog a while back about how I thought the aussie (AUD/USD) was headed south. A double top formation around the end of march which lead to a nice downward movement seemed to prove me right so I added to my blog and started feeling confident and thinking I was teh best and such but then? Damned if that bloody pair didn't just go right back up! Not only did it go up again but it went even higher! How wrong was I? You ever get that? When you've been so sure about something then you find out you were wrong? Not a nice feeling! Lol! Seriously though, was I really wrong? I still feel overall that the aussie could stand to go down, looking at the weekly chart you can see price found support at the 23% fib retracement line from 2009's long uptrend. This kinda imlies I was wrong and that price could stand to go higher. Bear in mind if you will though the highest the pair has gone for quite while is it's high of 0.9837 back in 2008 just before it started a massive bear run. this was most largley due to the onset of the global recession when USdollar buying was all the rage? (duh!) Although it's currency dropped drastically after july 2008 Australia wasn't hit particularly hard by the recession, the aussie regained much of what it had lost the following year and even though it found support at the 23% fib line in the early months of 2010, it has since gone on to form a rising wedge, which could mean another bearish move. Don't get me wrong, this pair seems to like moving in one direction for a long while and takes a while to change direction, so it could go up to 0.9300 or even above that before it breaks out. Even then it could still break out t9o the upside and make yet newer yearly highs, possibly even a new high for the decade/ century (coo that sounds like a long time doesn't it?) Maybe the ausie is destined to rise, maybe it'll fall back some... I'm gonna keep my eye on this pair and see how it develops I'll also see if I can upload the charts I used for my analysis. For some reason the site won't let me at the moment

OK so I've now added the charts I used for my analysis.This blog isn't finished yet as I have yet to mention the fundamental aspects which affect the pair... I'll get back to this in a bit