AUDUSD: Parity Threatened Once Again
Strategy: Pending Short
AUDUSD followed up a Bearish Engulfing candlestick pattern below resistance at the 1.02 figure with a break through key trend line support set from the swing low in mid-January. While we have waited for this validation of our long-term bearish bias with anticipation for some time, heavy congestion around the parity mark in the 0.9964-1.0009 region suggests it’s prudent to wait for further confirmation before entering short. We will monitor prices with great interest over the coming days for a compelling selling opportunity.
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