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AUDUSD: Candles Hint at Double Top

AUDUSD: Candles Hint at Double Top

2011-03-29 04:40:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Pending Short

AUDUSD has put in a bearish Shooting Star candlestick formation below resistance at 1.0256, the 12/31/2010 wick high, hinting a double top may be taking shape. We will look for confirmation on a daily close below 1.0199 to enter short.

AUDUSD_Candles_Hint_at_Double_Top_body_03292011_AUD.png, AUDUSD: Candles Hint at Double Top

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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