Forex Trading - AUD/USD Overview for the Year

Reviewing the last year on the AUD/USD we notice the pair is poised to make new lows for 2008. Using a retracement analysis from August 2007, the pair has broken the 61.8% retracement early this trading week. The chart below shows the truly drastic nature of the Aussie sell off, and although it is currently trading above the 61.8% retracement, another break below could lead to much lower prices as the markets continue to price in further easing by the Reserve Bank of Australia.