AUDUSD: Candles Hint Upswing Exhausted
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.
Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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