AUD/USD Classical Technical Report 01.16
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 200-Day SMA comes in just over 1.0400 and this longer-term SMA should continue to act as a formidable resistance point. Back below 1.0145 will officially confirm outlook (neckline of double top formation)and accelerate declines below parity. Only a daily close above the 200-Day SMA would give reason for pause.
--- Written by Joel Kruger, Technical Currency Strategist
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