Strategy: Flat
AUDUSD put in a bullish Inverted Hammer candlestick above support at 0.9706, the 61.8% Fibonacci extension level, and bounced toward the 50% Fib boundary at 0.9905. Resistance is reinforced by the top of a falling channel set from late October. We will look for signs of reversal here to identify a selling opportunity. Alternatively, a break higher exposes the 38.2% extension at 1.0105.
Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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