AUDUSD: Weakness Hinted at 1.05 Mark
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.
Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow me on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to email@example.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.