AUD/USD Classical Technical Report 10.27
AUD/USD: The current rally is still classified as corrective, with the market locked within a well defined downtrend off of the post-float record highs from July. As such, we would expect to see the current bounce well capped below 1.0600 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 1.0600 would delay outlook and give reason for pause. A daily close back below 1.0320 confirms outlook and should accelerate declines.
--- Written by Joel Kruger, Technical Currency Strategist
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