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AUD/USD Classical Technical Report 03.09

AUD/USD Classical Technical Report 03.09

2012-03-09 07:44:00
Joel Kruger, Technical Strategist
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Daily_Classical_AUDUSD_body_aud2.png, AUD/USD Classical Technical Report 03.09

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 look stretched and warn of a more significant pullback ahead. Look for the latest break and daily close below 1.0595 to confirm outlook and open the door for a more legitimate bearish reversal towards the 1.0300 area over the coming days. Selling rallies between 1.0650 and 1.0750 is the preferred strategy while only a daily close back above 1.0845 would delay topping 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

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