Strategy: Pending Short
AUDUSD broke sharply lower, offering no attractive entry opportunities along the way. We will take this opportunity to reassess the long-term picture, seeing prices find support at the 38.2% Fibonacci retracement of the Oct’08 – Nov’09 rally (0.8109). We will look for a bounce from this level to offer a selling opportunity near the 23.6% Fib at 0.8607.
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