AUD/USD Classical Technical Report 05.27
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 therefore is expected to be well capped ahead of 1.0800 where the next lower top is sought out ahead of a fresh downside extension below 1.0440 and into the 1.0200’s. Ultimately, only a daily close back above 1.0800 negates and gives reason for concern.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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