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AUD/USD Classical Technical Report 09.02

AUD/USD Classical Technical Report 09.02

2011-09-02 05:54:00
Joel Kruger, Technical Strategist
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AUDUSD_Classcial_body_aud2.png, AUD/USD Classical Technical Report 09.02

AUD/USD: The corrective move out from the recent 0.9925 low continues, with the market breaking back above 1.0700 thus far. However, we still classify the rebound as corrective within a broader longer-term topping formation underway, and look for the formation of a key lower top somewhere near current levels ahead of the next major downside extension. Look for a break and close back below 1.0660 to help confirm outlook and accelerate declines. Only a daily close back above 1.0800 delays.

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

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