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AUDUSD: Looking to Sell on Bounce to 1.06

AUDUSD: Looking to Sell on Bounce to 1.06

2011-08-05 02:27:00
Ilya Spivak, Head Strategist, APAC
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Strategy: Pending Short

As we suspected last week, a bearish Harami candlestick pattern marked an AUDUSD double top. Prices have broken though the bottom of a rising channel set from the June 27 low to stall ahead of major support at 1.0435, a horizontal barrier that has held up the pair since early April. Clearly, risk/reward conditions are not ideal to enter short at the moment and we will look for either a bounce toward the 1.06 figure or a daily close below 1.0435 to pull the trigger.

AUDUSD_Looking_to_Sell_on_Bounce_to_1.06_body_Picture_5.png, AUDUSD: Looking to Sell on Bounce to 1.06

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