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AUD/USD Classical 07.23

AUD/USD Classical 07.23

2010-07-23 04:40:00
Joel Kruger, Technical Strategist
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AUD/USD: Has finally managed to put in a close back above the 100-Day SMA for the first time since May, and the price action could very well open the door for some fresh upside over the coming days back above 0.9000 and towards major resistance just ahead of 0.9400. We will use the 100-Day SMA as a barometer for direction going forward. Should the market hold above this longer-term SMA over the next few sessions on a close basis, then the bullish structure will remain firmly intact. However, should we see a topside failure by 0.9000 and reversal back below the 100-Day, this could warn of exhaustion and a bearish resumption. Next key support below the 100-Day comes in by 0.8735, with a break below to likely accelerate declines. 

 

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