Update on AUDUSD: Sep 8, 2015

AUDUSD spent most of 2011-13 overbought, trying to push convincingly past the 1.618 extension of the drop from 1997 to 2001.  It finally fell back to earth starting in May 2013, dipping for the final time below the 1.618 and subsequently taking out the 1996 high, the yellow .786 and, most recently, the yellow .618.2015-09-08 AUDUSD wkly CU 1800While the .618 is a preferred reversal target for such patterns, the downside might not be complete.

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