AUD/USD Classical Technical Report 05.12
AUD/USD: As per our commentary in the previous day, the market looks to have put in a lower top by 1.0890, below the 1.1012 post float record highs, with confirmation to be given on a break back below the previous weekly low at 1.0535. Look for a fresh downside extension on the break exposing deeper setbacks to previous resistance now turned support by 1.0250. In the interim, any intraday rallies should be well capped below 1.0750 on a daily close basis.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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