AUD/USD: Although the market has been very well bid after taking out the key October highs by 1.0755, daily studies are finally starting to roll over from overbought territory and warn of a more significant pullback ahead. Look for the latest weekly close below 1.0700 to provide additional confirmation for short-term topping, while back below 1.0525 would be required to open the door for a more legitimate bearish reversal. A break back above 1.0845 would delay bearish outlook and give reason for pause.
--- Written by Joel Kruger, Technical Currency Strategist
To contact Joel Kruger, email jskruger@dailyfx.com. Follow me on Twitter @JoelKruger
To be added to Joel Kruger’s distribution list, send an email with subject line “Distribution List” to jskruger@dailyfx.com
