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AUD/USD Classical Technical Report 05.23

AUD/USD Classical Technical Report 05.23

2011-05-23 05:28:00
Joel Kruger, Technical Strategist
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AUDUSD_Classical_body_aud2.png, AUD/USD Classical Technical Report 05.23

AUD/USD: Continues to show signs of topping after posting fresh post float record highs just over 1.1000 several days back. The latest corrective rally has stalled out by 1.0710 and we look for a fresh lower top there to be confirmed with a break back below 1.0500. Below 1.0500 should accelerate declines and open a deeper drop into the 1.0200’s further down.

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

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