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AUDUSD: A Triple Top in the Works?

By , Currency Strategist
27 January 2012 04:43 GMT

Strategy: Flat

AUDUSD put in a bearish Shooting Star candlestick below double top resistance at 1.0728, hinting a move lower is ahead. Overbought RSI levels seem to reinforce the case for a downside scenario but confirmation remains elusive and we will stand aside for now until prices show greater conviction. The first layer of significant support lines up at 1.0379.

AUDUSD_A_Triple_Top_in_the_Works_body_Picture_5.png, AUDUSD: A Triple Top in the Works?

Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow me on Twitter at @IlyaSpivak

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27 January 2012 04:43 GMT