AUDUSD: Support Found Near 1.02 Figure
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.
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