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AUDUSD: Short on Close Below 1.0575

AUDUSD: Short on Close Below 1.0575

2011-05-12 04:24:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Pending Short

AUDUSD has put in a well-defined Bearish Engulfing candlestick pattern below resistance at 1.0829, the 61.8% Fibonacci retracement of the 5/2-5/5 decline, hinting the upward correction has run its course and a larger down move is ahead. We will look for confirmation on a daily close below 1.0575 to enter short.

AUDUSD_Short_on_Close_Below_1.0575_body_Picture_3.png, AUDUSD: Short on Close Below 1.0575

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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