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AUD/USD Classical Technical Report 01.31

AUD/USD Classical Technical Report 01.31

2012-01-31 07:26:00
Joel Kruger, Technical Strategist
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Daily_Classical_AUDUSD_body_aud2.png, AUD/USD Classical Technical Report 01.31

AUD/USD: The latest surge looks like it could finally be stalling, with the market failing to reach the key highs from October by 1.0755 and breaking back below last Friday’s low. Overall, our core outlook remains intensely bearish and we look for a more significant downside extension back below parity over the coming days. Daily studies are now unwinding from overbought and a close below 1.0600 on Tuesday should confirm and accelerate. Ultimately, only a break above 1.0755 would negate 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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