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AUDUSD: Looking to Get Short on Bounce

AUDUSD: Looking to Get Short on Bounce

2011-10-05 03:28:00
Ilya Spivak, Sr. Currency Strategist
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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.

AUDUSD_Looking_to_Get_Short_on_Bounce_body_Picture_5.png, AUDUSD: Looking to Get Short on Bounce

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow me on Twitter at @IlyaSpivak

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