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AUD/USD Classical 02.23

AUD/USD Classical 02.23

2011-02-23 07:05:00
Joel Kruger, Technical Strategist
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AUDUSD_Classical_body_aud2.png, AUD/USD Classical 02.23

AUD/USD: Although setbacks have stalled out for now ahead of 0.9800, we continue to favor risks for additional downside and like the idea of selling into current rallies. Ultimately, we see the market in the process of carving out a major top and any rallies from here should be well capped below 1.0150 on a close basis. Only back above 1.0200 gives reason for concern, while below 0.9945 should accelerate to 0.9800 and below.

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

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