AUD/USD Classical 02.01
AUD/USD:Our outlook has turned aggressively bearish in this pair following the formation of a bearish reversal week a couple of weeks back. This now suggests that a major high is in place by 1.0260, with the market looking to potentially carve out a medium-term double top to be confirmed on a break below neckline support at 0.9535. As such, we look for continued declines towards 0.9535 over the coming days. A break below this level will then expose a measured move objective by the 0.8770 platform base from August 2010. In the interim, any intraday rallies should be well capped ahead of 1.0100 on a close basis.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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