Strategy: Flat
Although AUDUSD took out resistance at 1.0788, a level that had capped the upside since mid-May, overall positioning continues to point toward range-bound consolidation since the pair descended from its May 2 high. Prices are now testing the next layer of range resistance 1.0888, with a break upward exposing 1.1011, but negative RSI divergence continues to warn of fading bullish momentum. We will remain on the sidelines for now but keep an eye out of selling opportunities.
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.
