Strategy: Pending Short
AUDUSD put in a bearish Hanging Man candlestick below resistance at 1.0336, the 61.8% Fibonacci retracement level, hinting a move lower is ahead. Risk/reward considerations argue against entering short here however with prices so close to support at 1.0208, the 50% Fib, and we will hold off until a better setup presents itself.
Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail ispivak@dailyfx.com. Follow me on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to 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.
