AUSUSD - LOOKS LIKE NEW HIGHS STILL TO COME.

Yesterday I asked if the High in the AUD is in, or still ahead... Then I presented two possible scenarios. - Since then the move over the past 24 hours has gone a long way to help provide clarity. - It appears as though the 'Falling Wedge' pattern has clearly won out (barring a false breakout), which suggests to me that we are likely to make a new run to the highs over the coming weeks, and that my hunch we were moving lower was wrong. - In the bigger picture the 3 Peaks pattern I have alluded to is on the back burner, at least with regard to the bearish element of it, and now I feel we have a decent possibility of higher levels, in what I think will be the final hurrah for the bull move (though of course I do invoke the official technical analysis get out clause; the false break).

The chart below shows the Falling Wedge pattern on the 4 Hour chart. Key resistrance in the short-term is 107.20.
The implication of this will have repercussions for the Risk-on/Risk-off debate. - The AUDUSD has been the heartbeat of this over the past few years, so should we see a decent bull run in the AUDUSD, it is likely to be accompanied by bullish action in most risky assets.