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AUDUSD: Looking to Short on Rebound

AUDUSD: Looking to Short on Rebound

2011-03-17 11:01:00
Ilya Spivak, Sr. Currency Strategist
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AUDUSD has broken sharply through support at a rising trend line set from mid-January to find support at 0.9803, the 1/12 low. While we will not know what the currently active candle will look like by the close at 21:00 GMT, there seem to be the early makings of a Dragonfly Doji, which may signal a corrective rebound over the near term before sellers overtake momentum in earnest. I will look for a bounce toward resistance at 0.9943 over the coming days to produce a selling opportunity. Alternatively, a daily close below 0.9803 would similarly give the green light to enter short (provided risk/reward conditions are acceptable).

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