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AUD/USD Classical Technical Report 01.11

AUD/USD Classical Technical Report 01.11

2012-01-11 06:57:00
Joel Kruger, Technical Strategist
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Daily_Classical_AUDUSD_body_aud2.png, AUD/USD Classical Technical Report 01.11

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. Look for an acceleration of declines from here towards 0.9660 over the coming weeks, which guards against the critical October lows at 0.9385. Ultimately, only a weekly close back above 1.0400 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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