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AUDUSD: Sell Entry Sought Amid Correction

AUDUSD: Sell Entry Sought Amid Correction

2011-02-04 11:01:00
Ilya Spivak, Sr. Currency Strategist
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AUDUSD rebounded from support at 0.9906, the 23.6% Fibonacci retracement of the 8/27/10-12/31/10 rally, to retest support-turned-resistance at a rising trend line set from June’s major swing low, now at 1.0210. Absent a break above this barrier and December’s high at 1.0256, the advance continues to look corrective and I will treat it as a selling opportunity. With that said, an actionable entry point is not apparent and I will stand aside for now.

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