aud-usd

AUD/USD: Despite the latest sharp rebound above 0.9300, we retain a strong bearish bias and look for the market to roll over at current levels, in favor of eventual downside acceleration below 0.8735 over the coming weeks. A major head & shoulders topping pattern was triggered back in mid-December that projects weakness into the 0.8400’s, and only back above 0.9410 would negate our outlook and give reason for pause. Look for yet another topside failure and break back below 0.9170 to confirm.

Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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