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AUDUSD: Enter Short as Prices Clear Support

By Ilya Spivak, Currency Strategist
25 August 2010 01:40 GMT

Strategy: Short at 0.8866, Targeting 0.8366

AUDUSD has taken out a rising trend line set from the swing low in June, with additional confirmation of a bearish reversal seen on the daily close beyond the 0.8847-0.8903 congestion region. We will enter short from here, initially targeting 0.8366. A stop-loss will be activated on a daily close above 0.9087.

AUDUSD_Enter_Short_as_Prices_Clear_Support_body_082510_AUD.png, AUDUSD: Enter Short as Prices Clear Support

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25 August 2010 01:40 GMT