We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bearish
GBP/USD
Mixed
USD/JPY
Bearish
Gold
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Bitcoin
Bearish
More View more
AUD/USD Classical Technical Report 05.10

AUD/USD Classical Technical Report 05.10

2011-05-10 05:02:00
Joel Kruger, Technical Strategist
Share:
AUDUSD_CLassical_body_aud2.png, AUD/USD Classical Technical Report 05.10

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 break back below 1.0535. From here, look for 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 1.0850 negating bearish outlook.

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

If you wish to receive Joel's reports in a more timely fashion, e-mail jskruger@dailyfx.com and you will be added to the "distribution" list.

If you wish to discuss this topic or any other feel free to visit our Forum page

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.