audyn aug

AudYen has consumed the last five months in a trendless sideways pattern. The sideways pattern did move the cross rate from the bottom of the downtrend channel to the top of the channel. In retrospect this represents a correction to a larger long term downward trend, but it did so without showing any ability to rally. We view the last few months as a sign of weakness. With the recent break of the three-month low, a new downward trend looks to be in motion. Any rallies should be limited to 81.50 as prices edge lower to  75.00 target.