RE-ISSUING RECOMMENDATION FROM WEDNESDAY
Aud/Usd: The market has now retraced just over 61.8% of the multi-year high-low move in 2008 and 2009. Both daily and weekly studies are showing signs of overbought at current levels and we like the idea of looking for opportunities to establish fresh shorts in the pair if given the chance. Key psychological barriers are approaching by 0.8500 and we would have a hard time seeing any form of reversal before this level is at least cleared in some form. The current ATR resides at 120 points and this projects a potential high today by 0.8515. As such, we will look to take advantage of any rallies above the figure and into this area in anticipation of a major pullback over the coming days/weeks. STRATEGY: SELL @0.8510 FOR AN OPEN OBJECTIVE, STOP @0.8710. RECOMMENDATION TO BE REMOVED IF NOT TRIGGERED BY NY CLOSE (5PM ET) ON THURSDAY.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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