AUD/USD
Strategy: Pending Short
AUDUSD has continued to push lower but prices have persistently eluded offering an attractive entry point from a risk/reward perspective. The pair is now testing a significant downside barrier near 0.8603, the intersection of a horizontal support level and a falling trend line connecting major swing lows since early November. We remain sidelined but will look for a break below this area to enter short. A bounce sees near-term resistance at 0.8734, the 12/23/09 wick low.
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