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AUDUSD: Short Position Taken on Wedge Support Break

AUDUSD: Short Position Taken on Wedge Support Break

2010-03-25 06:00:00
Ilya Spivak, Sr. Currency Strategist
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AUD/USD

Strategy: Short at 0.9098, Targeting 0.8735

Last week, we noted that AUDUSD positioning favored a bearish reversal with prices showing a Harami candlestick pattern below resistance at the upper boundary of a Rising Wedge chart formation. The setup was transformed into an Evening Star following confirmation on a bearish to the following day’s candle and prices have now broken Wedge bottom support. We will enter short from here, initially targeting 0.8735. A stop-loss will be activated on a daily close above 0.9258.

032410 AUD


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