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AUD/USD Classical Technical Report 12.02

AUD/USD Classical Technical Report 12.02

2011-12-02 06:29:00
Joel Kruger, Technical Strategist
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Daily_Classical_AUDUSD_body_aud2.png, AUD/USD Classical Technical Report 12.02

AUD/USD: The recent break and close back below parity further solidifies our core bearish outlook and now opens the door for fresh declines. From here wee see risks for a complete and full retracement back to the October lows at 0.9385 and any intraday rallies should now be very well capped below 1.04000 on a daily close basis. The next short-term level to watch below comes in at 0.9940 and we will see if the market can establish back below over the coming sessions.

--- Written by Joel Kruger, Technical Currency Strategist

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

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