AUD/USD Classical Technical Report 05.16
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 0.9800’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
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