AUD/USD Classical Technical Report 09.07
AUD/USD: Rallies have finally stalled out ahead of 1.0800 and by the upper Bollinger and we contend that the market is in the process of carving a fresh lower top below the 1.1080 post-float record highs ahead of the next major downside extension back below parity and the recent trend lows by 0.9925. Next short-term support comes in by 1.0400 and a break below will help to confirm bias and accelerate declines. In the interim, any intraday rallies should be well capped below 1.0700 on a daily close basis.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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