AUD/USD Classical Technical Report 05.11
AUD/USD: The market has been in recovery mode following the latest sharp setbacks off of the post float record highs just over 1.1000, with rallies extending back towards 1.0900 thus far. However, while the 1.1012 highs remain intact, we see risks for the formation of a lower top somewhere ahead of 1.0950 in favor of the next sharp downside extension back towards and eventually below 1.0535. Back below 1.0735 confirms and should accelerate.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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