Downside Target For The Australian Dollar

The Australian Dollar has literally fallen out of bed over the past 3 weeks which makes many people wonder how much lower can this currency go. Well if you look at the above weekly chart of FXA  (Australian Dollar) you will notice a very obvious double top which was confirmed this past week.

If you take the height of the double top pattern and subtract it from 85 which was the low, you will arrive at a downside target of 77.00 for FXA. That is where I expect this currency to go in the weeks to come.