The Australian dollar may slide to its weakest since September after forming a “head-and- shoulders” pattern that signals further declines, UBS AG said, citing trading charts. The currency’s decline through so-called neck-line support from the Nov. 27 low to the Nov. 2 low, “confirms a head-and- shoulders stop formation that projects down to the 84.10-cent area,” James Chorek, director of global technical strategy at UBS in Stamford, Connecticut, wrote in a note to clients yesterday. “Initial small support is at 86.04 cents.”Australia’s currency fell 0.2 percent to 87.99 U.S. cents as of 10:51 a.m. in Sydney and touched its weakest since Oct. 6. The so-called Aussie dollar last traded near 84.10 cents on Sept. 4.
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ai3zDLKdHfv4
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