Trade
Follow Us

Resources

AUDUSD: Australian Dollar Slips Past Key Support

By Ilya Spivak, Currency Strategist
27 November 2009 11:12 GMT

AUD/USD

Strategy: Pending Short

AUDUSD put in a Bearish Engulfing candlestick pattern and broke below support at the lower boundary of a rising channel established from late July. However, the intensity of the bearish push has skewed risk/reward considerations against entering short at current levels, and we will now look for a close below horizontal support at 0.8967 to sell the pair.

112709 AUD


To discuss these strategies with other traders, please visit the Candlestick Forum

To receive future articles by email, please contact Ilya at ispivak@dailyfx.com

DailyFX provides forex news on the economic reports and political events that influence the currency market.
Learn currency trading with a free practice account and charts from FXCM.

27 November 2009 11:12 GMT