GBP/AUD Buy Recommendation Issued @2.0410


Gbp/Aud: We contend that the market is in the process of carving out a major base since posting fresh multi-year lows by 1.9690 back on May 8, 2009. The formation and subsequent trigger of a double bottom on the daily chart reaffirms our bullish outlook, with the break of neckline resistance at 2.0610 on Tuesday opening the door for a fresh upside extension and measured move objective back towards the 2.1300 area at a minimum over the coming days. The latest pullback should be used as a formidable opportunity to establish fresh longs with any additional setbacks seen limited below 2.0500. Strategy: BUY @2.0410 FOR AN OPEN OBJECTIVE, STOP @2.0160. Recommendation to be removed if not triggered by NY close (5pm ET) on Thursday.

Written by Joel Kruger, Technical Currency Strategist for
If you wish to receive Joel’s reports in a more timely fashion, e-mail
[email protected] and you will be added to the “distribution” list.

Joel Kruger publishes 6 daily pieces:

“Tech Talk” – A Daily Video Highlighting Technical Developments in the Overnight Session of Trade.
Monday-Friday (between 5:30am-6:30am EST)

“Morning Slices” – Morning Overview using Fundamental, Technical, Flow, and Quantitative Analysis (Includes “Trade of the Day”).
Monday-Friday (between 6:30am-7:30am EST)

“Indicator of the Day”A Feature Report that Highlights our Most Significant Technical Indicator of the Day.
Monday-Friday (between 8:00am-9:00am EST)

“Midday Snapshot” – A Midday Fundamental Update, along with Technical Analysis of Selected Rates.
Monday-Friday (between 10:30am-11:30am EST)

“Scandi Daily” A Specialized Daily Fundamental and Technical Overview of the Nordic Currencies. (This report is only distributed through email. Please contact [email protected] if you would like to be added to distribution.)
Monday-Friday (between 11:30am-12:30pm EST)

“Daily Classical” – A Daily Technical Overview of the Major Currencies.
Monday-Friday (published between 2:00pm-3:00pm EST)