AUD/USD: The latest break back above 0.9100 has opened a test of the 78.6% fib retracement off of the 2010 high-lows by 0.9160. However, any additional gains beyond 0.9160 are seen limited, and we would recommend looking to sell by this critical fib retrace in favor of some major declines back towards 0.8600 over the coming days. Only a close back above 0.9200 would give reason for concern.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
If you wish to receive Joel's reports in a more timely fashion, e-mail instructor@dailyfx.com and you will be added to the "distribution" list.
If you wish to discus this topic or any other feel free to visit our Forum page
