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AUDUSD: Support Found Near 1.02 Figure

AUDUSD: Support Found Near 1.02 Figure

2011-09-16 04:13:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Pending Short

AUDUSD put in a bearish Breakaway candlestick pattern below support-turned-resistance at a rising trend line set from the June 2010 bottom. Prices found support at 1.0188 – the 50% Fibonacci extension level – and are now testing the 38.2% level at 1.0324. A break above this juncture exposes the 1.0492, the 23.6% extension. We remain broadly bearish but current positioning doesn’t offer an attractive entry point and we will stay on the sidelines for the time being.

AUDUSD_Support_Found_Near_1.02_Figure_body_Picture_5.png, AUDUSD: Support Found Near 1.02 Figure

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

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