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AUD/USD Bounce to Offer Short Setup

By , Currency Strategist
19 July 2013 10:43 GMT

AUD/USD Technical Strategy: Pending Short

Prices broke higher as expected, taking out resistance at the top of a falling channel set from April and hinting a significant correction upward is ahead. Buyers now aim to challenge the 23.6% Fibonacciretracement at 0.9371, with a push above that exposing the 38.2% level at 0.9602.Channel resistance-turned-support is at 0.9080.We will look to the forthcoming bounce as an opportunity to enter short, in line with the larger down trend.

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AUDUSD_Bounce_to_Offer_Short_Setup_body_audusd.png, AUD/USD Bounce to Offer Short Setup

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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19 July 2013 10:43 GMT