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Forex Strategy: AUD/USD Bounce May Yield Short Setup

Forex Strategy: AUD/USD Bounce May Yield Short Setup

Ilya Spivak, Head Strategist, APAC

AUDUSD put in a bullish Piercing Line candlestick pattern, hinting a move higher is ahead. Positive RSI divergence reinforces the case for an upside scenario. Fundamentally, the short AUD trade appears somewhat crowded and vulnerable to a correction. Near-term resistance is at 0.9325, the June 11 swing low, with added reinforcement from a falling channel top set from early May. A break above that aims for the 23.6% Fibonacci retracement at 0.9486. I will look for the bounce to yield an opportunity to enter short, in line with the broader down trend.

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