AUDUSD: Looking to Get Short on Bounce
Strategy: Pending Short
AUDUSD put in a bullish Hammer candlestick above support at a falling trend line connecting major lows since July, hinting an upswing is ahead. Positive RSI divergence reinforces the case for an upside scenario. Initial resistance lines up at 0.9711 and 0.9912, the 23.6% and 38.2% Fibonacci retracement levels respectively. We will treat the rebound as a selling opportunity.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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