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AUD/USD Classical Technical Report 05.06

AUD/USD Classical Technical Report 05.06

2011-05-06 07:02:00
Joel Kruger, Technical Strategist
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AUDUSD_CLassical_body_aud2.png, AUD/USD Classical Technical Report 05.06

AUD/USD: The latest sharp setbacks off of the post float record highs just over 1.1000 suggest that some form of a top could now be in place. Both the 10/20-Day SMAs have been easily breached and next key support now comes in by 1.0440. It is worth noting that weekly studies show the formation of a bearish outside week, and this could further suggest that a material top is in place over 1.1000. However, confirmation will only be given on a bearish weekly close and subsequent break back below 1.0440. From here, look for any intraday rallies to be well capped on a close basis below the 10-Day SMA, which currently comes in around 1.0800, with only a daily close back above 1.0800 negating bearish outlook.

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

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