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AUDUSD: Consolidation Continues Sub-1.07

AUDUSD: Consolidation Continues Sub-1.07

2011-05-27 05:04:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Pending Short

AUDUSD positioning is little changed from last week, with prices consolidating between the 23.6% and 38.2% Fibonacci retracements of the rally from the March 17 low at 1.0702 and 1.0511, respectively. Broadly speaking, the overall structure has favored the downside since prices broke through rising channel support having topped out below the 1.10 figure. With that in mind, current positioning doesn’t offer an actionable trade signal and we will remain on the sidelines for now, waiting for a more attractive setup.

AUDUSD_Consolidation_Continues_Sub_1.07_body_Picture_3.png, AUDUSD: Consolidation Continues Sub-1.07

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

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