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AUD/USD Classical Technical Report 12.16

AUD/USD Classical Technical Report 12.16

2011-12-16 06:38:00
Joel Kruger, Technical Strategist
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Daily_Classical_AUDUSD_body_aud2.png, AUD/USD Classical Technical Report 12.16

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 latest bout of consolidation has been broken and it now looks as though a fresh lower top is attempting to establish by 1.0380 following the break back below parity. Look for an acceleration of declines from here towards 0.9660 which guards against the critical October lows at 0.9385. Ultimately, only back above 1.0380 would delay outlook.

--- Written by Joel Kruger, Technical Currency Strategist

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

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