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AUD/USD Classical Technical Report 01.27

AUD/USD Classical Technical Report 01.27

2012-01-27 08:01:00
Joel Kruger, Technical Strategist
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Daily_Classical_AUDUSD_body_aud2.png, AUD/USD Classical Technical Report 01.27

AUD/USD: The recent break and close back above the 200-Day SMA is concerning and compromises our broader bearish outlook for the pair. However, we still see any additional gains beyond 1.0500 as limited with the market at risk for carving out the next major lower top ahead of a fresh downside extension back below parity. Rallies have now extended beyond 1.0600 to leave daily studies in overbought territory and the market now focuses on next key resistance by 1.0755 from late October. We will look to be aggressive sellers on a push beyond 1.0700 in anticipation of a major bearish reversal 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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