AUDUSD: Look to Sell on Near-Term Bounce
Strategy: Pending Short
AUDUSD finds itself in oversold territory after an aggressive drop to Andrew’s Pitchfork support, with a rebound expected to offer selling opportunities in line with the bearish bias established after the pair initially breached a key rising trend line set from June 2010 in early August. Initial resistance lines up at 0.9943 and 1.0100, the 23.6% and 38.2% Fibonacci retracement levels respectively.
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