The sell-off in the Australian dollar against its US counterpart has been going on for some time now and over the last 12 months in particular, it has been declining at a fairly steady rate. The descending channel that has formed in this time may be about to give the signal that a correction has begun. The pair rallied strongly last week, benefiting greatly from the recovery in commodities, and may have gathered enough momentum to take it through the channel resistance and enter a more prolonged correction. Last week’s rally has taken the pair back to the top of the channel and the weekly candle alone would suggest ... (full story)