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AUD/USD Classical Technical Report 05.16

AUD/USD Classical Technical Report 05.16

2011-05-16 05:35:00
Joel Kruger, Technical Strategist
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AUDUSD_Classical_body_aud2.png, AUD/USD Classical Technical Report 05.16

AUD/USD: Friday’s bearish price action has officially confirmed a fresh lower top by 1.0890 and further weakness appears to be in the cards from here. Look for a fresh downside extension and acceleration towards previous medium-term 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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