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AUDUSD: Candles Hint Upswing Exhausted

AUDUSD: Candles Hint Upswing Exhausted

2011-12-22 04:21:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Pending Short

AUDUSD put in a Shooting Star candlestick below resistance at 1.0109, the 38.2%Fibonacci extension level, hinting a pullback is ahead. Initial support lines up at 0.9906, the 50% extension. While the setup is compelling from a technical perspective, we see a risk for further US Dollar weakness into the year-end and will opt to stay on the sidelines for now.

AUDUSD_Candles_Hint_Upswing_Exhausted_body_Picture_5.png, AUDUSD: Candles Hint Upswing Exhausted

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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