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AUD/USD Classical Technical Report 06.07

AUD/USD Classical Technical Report 06.07

2012-06-07 05:30:00
Joel Kruger, Technical Strategist
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Daily_Classical_AUDUSD_body_aud.png, AUD/USD Classical Technical Report 06.07

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. However, daily studies are in the process of unwinding from heavily oversold readings, and as such, we see shorter-term risks for more of a bounce towards 1.0000-1.0200 area where the next major lower top is sought out ahead of underlying bear trend resumption.

--- Written by Joel Kruger, Technical Currency Strategist

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

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