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AUDUSD: Rebound Hinted at Channel Support

By , Currency Strategist
05 October 2012 09:26 GMT

Strategy: Flat

Prices put in a Harami candlestick patter above support at the bottom of a rising channel set from mid-July, hinting a bounce may be ahead. Initial resistance is at 1.0322, the 23.6% Fibonacci expansion, with a break above that exposing major trend line resistance at 1.0543. Alternatively, a push below the channel bottom (1.0199) targets the 38.2% level at 1.0136. Risk/reward considerations argue against entering at trade at current levels and we will remain on the sidelines for now.

AUDUSD_Rebound_Hinted_at_Channel_Support_body_Picture_5.png, AUDUSD: Rebound Hinted at Channel Support

Daily Chart - Created Using FXCM Marketscope 2.0

Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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

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05 October 2012 09:26 GMT