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AUD/USD Classical 02.03

AUD/USD Classical 02.03

2011-02-03 06:58:00
Joel Kruger, Technical Strategist
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AUDUSD_CLASSICAL_02.03_body_aud2.png, AUD/USD Classical 02.03

AUD/USD:The latest topside failure just ahead of a key 78.6% fib retrace off of the Dec-Jan high-low move and subsequent bearish close suggests that the market could be ready to stall out ahead of renewed weakness. Look for a break and close back below 1.0055 on Thursday to confirm suspicions and open the door for a fresh downside extension back towards some key multi-day range support by 0.9800 further down. A daily close above 1.0160 will however delay outlook and expose a complete retracement back towards 1.0260.

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

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