Strategy: Pending Short
A candle in Star position below support-turned-resistance at a rising trend line connecting major lows since November 2010 hints AUDUSD may be preparing to turn lower anew. Confirmation of a reversal is needed on a daily close below 1.0053 (the midpoint of the October 12 candle) on for the current bar. We will look for this to materialize to enter short.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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