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AUD/USD Classical Technical Report 01.16

AUD/USD Classical Technical Report 01.16

2012-01-16 07:20:00
Joel Kruger, Technical Strategist
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Daily_Classical_AUDUSD_body_aud2.png, 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

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

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