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Forex Candlestick Summary
| Symbol | Trend Bias | Time Frame | Candlestick Formation | Candle Bias | Chart Links |
|---|---|---|---|---|---|
| EUR/USD | bullish | daily | BULLISH ENGULFING | bullish | View Chart |
| USD/JPY | bullish | daily | BEARISH ENGULFING | bearish | View Chart |
| GBP/USD | bearish | daily | SHOOTING STAR | bearish | View Chart |
| AUD/USD | bearish | daily | View Chart | ||
| USD/CAD | bullish | daily | MORNING STAR | bullish | View Chart |
| NZD/USD | neutral | daily | BULLISH ENGULFING | bullish | View Chart |
AUD/USD May Bounce at Key Swing Bottom
AUD/USD Technical Strategy: Flat
Prices are testing support in the 0.9663-82 area, marked by the November 23 2011 low and the 23.6% Fibonacci expansion. A break below that eyes the 0.9580-84 region. Near-term resistance is at 0.9841, the May 21 swing high. Positive RSI divergence argues in favor of an upside scenario. Current positioning doesn’t offer an actionable trade setup and we remain on the sidelines for now.
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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