AUD/USD (daily chart) as of Tuesday (10/04/2011) has dropped down to a key support target in the 0.9400 price region after five consecutive bearish days that brought the pair plummeting down from its correction highs near parity (1.0000). This occurs within the context of an exceptionally steep downtrend that initiated from the 1.0760 high in the beginning of September. The fall from that high around a month ago broke down below a large rising wedge pattern, and then successive key support levels, including 1.0400, 1.0200, and parity. After last week’s noted bullish correction that stopped just short of parity, price ... (full story)