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AUDUSD: Short Entry Eyed on Bounce

AUDUSD: Short Entry Eyed on Bounce

2011-02-23 03:59:00
Ilya Spivak, Sr. Currency Strategist
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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.

AUDUSD_Short_Entry_Eyed_on_Bounce_body_02232011_AUD.png, AUDUSD: Short Entry Eyed on Bounce

To discuss these strategies with other traders, please visit the Candlestick Forum

To receive future articles by email, please contact Ilya at ispivak@dailyfx.com

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