AUD/USD: Sell Entry Sought on Bounce From Fib
Strategy: Pending Short
AUDUSD broke sharply lower, offering no attractive entry opportunities along the way. We will take this opportunity to reassess the long-term picture, seeing prices find support at the 38.2% Fibonacci retracement of the Oct’08 – Nov’09 rally (0.8109). We will look for a bounce from this level to offer a selling opportunity near the 23.6% Fib at 0.8607.
To discuss these strategies with other traders, please visit the Candlestick Forum
To receive future articles by email, please contact Ilya at firstname.lastname@example.org
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.