Trade FOREX with FXCM

  • Award-Winning Platform
  • 24/7 Customer Support
  • Trade Directly on Charts
  • Free $50K Practice Account

Resources

AUD/USD Long Entry Sought

By , Currency Strategist
09 August 2013 11:03 GMT

AUD/USD Technical Strategy: Pending Long

Prices bounced as expected after putting in a Hammer candlestick above resistance-turned-support at the top of a falling channel set from April. The pair has now cleared resistance in the 0.8997-0.9035 area to challenge a falling trend line cluster in the 0.9113-52 region, with a break higher targeting a familiar range top at 0.9335. Alternatively, a move below 0.8997 targets the August 5 low at 0.8847. Risk/reward considerations argue against entering a trade at current levels and we will stand aside for now, looking to get long in line with our fundamental outlook.

Confirm your chart-based trade setups with the Technical Analyzer.

Forex_Strategy_AUDUSD_Long_Entry_Sought_body_Picture_5.png, AUD/USD Long Entry Sought

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

To be added to Ilya's e-mail distribution list, please CLICK HERE

New to FX? Watch this Video. For live market updates, visit the Real Time News Feed

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

09 August 2013 11:03 GMT