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AUD/USD Classical Technical Report 12.07

AUD/USD Classical Technical Report 12.07

2011-12-07 07:41:00
Joel Kruger, Technical Strategist
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Daily_Classical_AUDUSD_body_aud2.png, AUD/USD Classical Technical Report 12.07

AUD/USD: Any rallies are classified as corrective and we continue to see this market in the process of carving out a major top ahead of the next downside extension back below the critical lows from October at 0.9385. The market has been locked in some consolidation over the past several sessions and from here, 1.0330 and 1.0150 will be the key levels to watch above and below. A break and daily close back above 1.0330 will open the door for additional corrective moves potentially into the 1.0500’s before the market eventually stalls out, while a daily close back under 1.0150 will signal a potential end to the latest correction and open a drop back below parity.

--- Written by Joel Kruger, Technical Currency Strategist

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

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