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AUDUSD: Weakness Signaled at Range Top

AUDUSD: Weakness Signaled at Range Top

2011-10-21 10:35:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Pending Short

AUDUSD put in a Bearish Engulfing candlestick pattern below resistance at the top of a falling channel set from the late July swing high, hinting the upward correction is complete and sellers are ready to retake the initiative. However, risk/reward considerations argue against taking a short position at present given the proximity of support at 1.0169, the 14.6% Fibonacci retracement level, and we will remain on the sidelines for now.

AUDUSD_Candles_Hint_Sellers_to_Return_body_Picture_5.png, AUDUSD: Weakness Signaled at Range Top

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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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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