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AUD/USD Classical Technical Report 09.29

AUD/USD Classical Technical Report 09.29

2011-09-29 12:04:00
Christopher Vecchio, CFA, Sr. Currency Strategist
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AUDUSD_Classical_Technical_Report_09.29_body_Picture_1.png, AUD/USD Classical Technical Report 09.29

AUD/USD: Yesterday’s late day depreciation by the AUD/USD suggests that the recent corrective move may be finished. Already on Thursday we have seen the AUD/USD test the 0.9700 level, but optimism over the German parliamentary vote on the European Financial Stability Fund boosted risk-appetite slightly. With the 50-DMA readying to cross the 200-DMA, it appears a ‘Death Cross’ is on the horizon, a sign of a longer-term bearish trend. Look for intraday 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 Christopher Vecchio, Currency Analyst

To contact the author of this report, please send inquiries to: cvecchio@dailyfx.com

Follow Christopher Vecchio on Twitter: @CVecchioFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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