AUDUSD: Short Entry Eyed on Bounce
Strategy: Pending Short
AUDUSD has found support at a rising trend line established from mid-January, recovering to meet initial resistance at the 38.2% Fibonacci retracement of the 2/18-2/22 downswing (1.0040). For the time being, the move appears corrective and we will look for any forthcoming advance as an opportunity to enter short at a more attractive level. Alternatively, a clear break below trend line support (now at 0.9988) would also clear the way to begin to selling.
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