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AUD/USD Classical Technical Report 05.26

AUD/USD Classical Technical Report 05.26

2011-05-26 05:33:00
Joel Kruger, Technical Strategist
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AUDUSD_Classical_body_aud2.png, AUD/USD Classical Technical Report 05.26

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 a fresh lower top there has now been confirmed following the latest break back below 1.0500. Below 1.0500 should now accelerate declines and open a deeper drop into the 1.0200’s further down. Intraday rallies should be well capped below 1.0650 on a daily close basis.

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

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