Strategy: Pending Short
AUDUSD put in a bullish Morning Star candlestick pattern above support 0.9906 – the 50% Fibonacci extension level – hinting a move higher is ahead. We maintain a broadly bearish bias on the pair and will look for a corrective upswing to yield a selling opportunity. Initial resistance is at 1.0109, the 38.2% extension.
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.
