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AUD/USD Classical 02.04

AUD/USD Classical 02.04

2011-02-04 06:03:00
Joel Kruger, Technical Strategist
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AUDUSD_Classical_body_aud2.png, AUD/USD Classical 02.04

AUD/USD:This market remains very well bid despite what we believe to be an overextended Australian Dollar and the latest break back above 1.0160 is concerning for bearish outlook, with the move now potentially exposing a rally back towards and above the post float record highs from late 2010 at 1.0260. Inability to convincingly clear 1.0260 on Friday will however keep our bias loosely intact, but ultimately, a break and daily close back below 1.0080 will be required to relieve topside pressures.

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

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