AUD/USD Classical Technical Report 09.28
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 unwinding from oversold levels, we would not rule out the possibility for some additional consolidation before the market resumes its downward trajectory. Look for inter-day rallies to be well capped below parity on a daily close basis while ultimately, only back above 1.0400 would delay. Back under 0.9620 will accelerate and open the next downside extension.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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