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AUD/USD Classical Technical Report 10.24

AUD/USD Classical Technical Report 10.24

2011-10-24 06:06:00
Joel Kruger, Technical Strategist
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Daily_Classical_AUDUSD_body_aud2.png, AUD/USD Classical Technical Report 10.24

AUD/USD: Any rallies are classified as corrective, with the market still locked within a well defined downtrend. As such, we would expect to see the current bounce well capped below 1.0500 on a daily close basis in favor of the next major downside extension back towards and eventually below 0.9385. Ultimately, only a daily close back above 1.0550 would delay outlook and give reason for pause. A daily close back below 1.0115 confirms outlook and should accelerate declines. We will be looking to sell rallies to 1.0500 on Monday.

--- Written by Joel Kruger, Technical Currency Strategist

To contact Joel Kruger, email jskruger@dailyfx.com. Follow me on Twitter @JoelKruger

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