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AUDUSD: rebound to Produce Short Entry

AUDUSD: rebound to Produce Short Entry

2011-05-09 11:01:00
Ilya Spivak, Sr. Currency Strategist
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AUDUSD has broken through the bottom of a rising channel that had guided the way higher since mid-March, with the pair finding support at 1.0580 (the April 8 high). A bullish Piercing Line candlestick above this boundary hints at near-term gains and I will look for a bounce to offer a selling opportunity in the days ahead. Initial resistance lines up at the channel bottom now recast as resistance (currently at 1.0859).

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