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AUD/USD Classical Technical Report 02.07

AUD/USD Classical Technical Report 02.07

2012-02-07 07:39:00
Joel Kruger, Technical Strategist
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Daily_Classical_AUDUSD_body_aud2.png, AUD/USD Classical Technical Report 02.07

AUD/USD: The latest surge looks like it could finally be ready to stall, with the market exceeding key resistance by the highs from October in the 1.0700’s and jumping into the 1.0800’s. Overall, our core outlook remains intensely bearish and we look for a more significant downside extension back below parity over the coming weeks. Daily studies have now officially traded well into overbought territory and a close back under 1.0700 should encourage bearish reversal prospects.

--- Written by Joel Kruger, Technical Currency Strategist

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

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