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AUD/USD Classical Technical Report 02.09

AUD/USD Classical Technical Report 02.09

2012-02-09 06:58:00
Joel Kruger, Technical Strategist
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Daily_Classical_AUDUSD_body_aud2.png, AUD/USD Classical Technical Report 02.09

AUD/USD: Although the market remains very well bid after taking out the key October highs by 1.0755, daily studies are highly overbought and warn of a near-term pullback. From here, next key resistance comes in by the post-float record highs from July 2011 at 1.1080, but at this point we would look for the market to stall out somewhere ahead of this major resistance point in favor of a sizeable pullback. Aggressive players can look to sell on rallies towards 1.0900, but a break back below 1.0680 would be required to officially alleviate immediate topside pressures.

--- Written by Joel Kruger, Technical Currency Strategist

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

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