AUDUSD: Sellers Aim at Key Trend Line

Strategy: Flat

AUDUSD is approaching support at a major rising trend line set from early October, a barrier reinforced by the bottom of a rising channel established over the past month. Risk/reward considerations argue against entering a trade with prices so close to the next downside barrier and we will stand side for now a more compelling setup presents itself.

Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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