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AUD/USD Classical 02.02

AUD/USD Classical 02.02

2011-02-02 06:38:00
Joel Kruger, Technical Strategist
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AUDUSD_CLASSICAL_body_aud2.png, AUD/USD Classical 02.02

AUD/USD:The latest break and close above 1.0100 is certainly concerning and threatens our core bearish outlook. From here, next key resistance comes in by 1.0160 (78.6% fib retrace of Dec-Jan high-low move), and the market will need to hold below this level on a close basis to keep bearish prospects intact. A break and close above 1.0160 will however delay outlook and open a direct retest of the critical highs by 1.0260. From here, any intraday setbacks are expected to be well supported in the 1.0025-75 area and a drop below 0.9960 will be required to officially relieve topside pressures.

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

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