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AUD/USD Classical 03.24

AUD/USD Classical 03.24

2011-03-24 06:41:00
Joel Kruger, Technical Strategist
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AUDUSD_Classical_body_aud2.png, AUD/USD Classical 03.24

AUD/USD: The market has been in the process of recovering since breaking below critical support at 0.9800 a few days back, with the latest rally resulting in a push back above parity. Nevertheless, we view the current bounce as corrective, and expect to see the market very well capped from here below 1.0150 on a daily close basis. Ultimately, only a break and close back above 1.0200 would negate outlook and give reason for pause.

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

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