AUD/USD Classical 03.05
AUD/USD: The current rally out from 0.8580 is classed as corrective and we look for a lower top now ahead of 0.9100, which also loosely coincides with the 61.8% fib retrace off of the 2010 high-lows. Ultimately, only back above 0.9200 gives reason for concern. Back below 0.8800 confirms bearish bias and should accelerate declines for a near-term retest of 0.8580. Initial support now comes in by 0.8960.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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