AUDUSD: Short Entry Sought on Upswing
Strategy: Pending Short
AUDUSD put in a bullish Morning Star candlestick pattern above support 0.9906 – the 50% Fibonacci extension level – hinting a move higher is ahead. We maintain a broadly bearish bias on the pair and will look for a corrective upswing to yield a selling opportunity. Initial resistance is at 1.0109, the 38.2% extension.
Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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