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AUD/USD Classical Technical Report 10.27

AUD/USD Classical Technical Report 10.27

2011-10-27 06:47:00
Joel Kruger, Technical Strategist
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Daily_Classical_UADUSD_body_aud2.png, 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

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

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