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AUDUSD: Short Entry Sought Near June Top

AUDUSD: Short Entry Sought Near June Top

2010-07-09 11:01:00
Ilya Spivak, Sr. Currency Strategist
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As I suggested last week, AUDUSD moved higher after producing a Hammer candlestick above support at 0.8368, the 61.8% Fibonacci retracement of the 5/25-6/21 upswing. The pair is now on pace to test the June swing high at 0.8864. My overall bias remains bearish and I will look for the current advance to produce an attractive selling opportunity.

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