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AUD/USD Classical 03.29

AUD/USD Classical 03.29

2011-03-29 05:25:00
Joel Kruger, Technical Strategist
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AUDUSD_Classical_body_aud2.png, AUD/USD Classical 03.29

AUD/USD: The break to fresh multi-year highs by 1.0315 certainly delays our bearish outlook and potentially exposes a move towards next critical resistance by 1.0500 further up. However, we continue to favor looking for opportunities to sell above parity, with the market viewed as technically and cyclically overdone and at risk for a major pullback over the medium-term. Initially however, look for a break and close back below 1.0185 to take immediate pressure off of the topside and open the door for a short-term bearish reversal.

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

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