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AUD/USD Classical Technical Report 09.23

AUD/USD Classical Technical Report 09.23

2011-09-23 06:58:00
Joel Kruger, Technical Strategist
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AUDUSD_Classical_body_aud2.png, AUD/USD Classical Technical Report 09.23

AUD/USD: The latest sharp pullback below 0.9925 now opens a fresh downside extension exposing 0.9000 and officially confirms a major lower top by 1.0765 below the 1.1080 post float record highs from July. However, with short-term technical studies looking stretched, we would not rule out the possibility for some form of corrective relief back above parity before the market once again resumes its downward trajectory. Ultimately, look for any rallies to now be well capped below 1.0400, where the 200-Day SMA resides.

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

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