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AUDUSD: Weakness Hinted at 1.05 Mark

AUDUSD: Weakness Hinted at 1.05 Mark

2011-12-30 08:51:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Pending Short

AUDUSD is testing resistance at 1.0207, the intersection of the 50% Fibonacci retracement level and a falling trend line set from the October 27 swing high, with candlestick positioning hinting a turn lower is ahead. With that in mind, congested positioning skews risk/reward considerations away from entering a trade at current levels and we will remain on the sidelines for now. Initial support lines up at 1.0078, the 38.2% Fib.

AUDUSD_Weakness_Hinted_at_1.05_Mark_body_Picture_5.png, AUDUSD: Weakness Hinted at 1.05 Mark

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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