AUDUSD: Bears Meet Critical Fib Support
STRATEGY: Pending Short
AUDUSD continues to drift lower along support at the midline of a downward-sloping channel set from early May, with the bears positioned ahead of key support in the 1.0421-1.0488 region between the 61.8% and 50% Fibonacci extension levels, respectively. While the trend appears firmly bearish, entering short now with prices so close to support doesn’t look attractive from a risk/reward perspective and we will remain on the sidelines for now looking for a better selling opportunity.
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