AUD has been the star performer against all currencies as the risk trade is well and truly back on.
1.20 seems to be the new target against the usd.
im not so bullish and expect it will crash down to earth long before it gets near 1.20
the chart suggests possibly one more wave up to around 1.10 region then an aggresive fall may occurr.
i have a short position on and i may look to go long if channel support holds but the real goal is a long term short position from higher up.
if this correction gains traction then i will scale more shorts in, 1.04 key.
http://i183.photobucket.com/albums/x...9999/audh4.jpg