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AUD/USD Classical Technical Report 05.11

AUD/USD Classical Technical Report 05.11

2012-05-11 08:02:00
Joel Kruger, Technical Strategist
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daily_classical_aussie_body_aud.png, AUD/USD Classical Technical Report 05.11

AUD/USD: Our bearish outlook in this market remains intact and we continue to project deeper setbacks over the coming days and weeks towards the October 2011 lows by 0.9385. A fresh lower top has now been confirmed by 1.0475 following the latest break below 1.0225 and from here; look for acceleration back below parity. Daily studies are however starting to look a little stretched, so we would not rule out the potential for a bounce somewhere in the 0.9900’s, from where the next lower top is sought out, ideally ahead of 1.0300. Ultimately, only back above 1.0475 negates.

--- Written by Joel Kruger, Technical Currency Strategist

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

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