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AUD/USD Classical 03.11

AUD/USD Classical 03.11

2011-03-11 07:07:00
Joel Kruger, Technical Strategist
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AUDUSD_Classical_body_aud2.png, AUD/USD Classical 03.11

AUD/USD: Although the market has been very well supported on a medium-term basis 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 1.0200 on a close basis. Only back above 1.0200 gives reason for concern, while a daily close below 0.9945 should accelerate to 0.9800 and below.

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

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