AUD/USD
Strategy: Flat
After weeks of showing what appeared to be a clear Rising Wedge bearish reversal setup, the Australian Dollar has silenced the naysayers (ourselves included), pushing back above critical support-turned-resistance at a rising trend line that had guided the last major uptrend from 2001 to 2008. Prices are now testing above the midline of a rising channel from the lows of this year, with continued bullish momentum targeting the formation’s upper boundary, now at 0.9523. While the bullish case is very compelling at this point, prices have come a long way with no respite an getting on the bandwagon now would not be prudent from a risk/reward perspective. To that effect, we will stand on the sidelines for now.
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