Strategy: Pending Short
AUDUSD has broken out lower out of a bearish Rising Wedge chart formation, with prices showing a Doji candlestick above support at 23.6% Fibonacci retracement of the 5/25-8/6 upswing (0.8952) and hinting a near-term move higher is ahead before sellers regain momentum. We will remain on the sidelines for now, looking for the correction to yield a more attractive selling opportunity. Initial resistance lines up at 0.9057, the 14.6% Fib.
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 and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.
