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AUDUSD: Weakness Still Favored Sub-1.04

AUDUSD: Weakness Still Favored Sub-1.04

2012-01-13 09:56:00
Ilya Spivak, Head Strategist, APAC
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Strategy: Pending Short

AUDUSD is creeping higher along a minor rising trend line set from late December but a bearish Evening Star candlestick pattern below resistance at 1.0379 has yet to be negated and suggests the bias continues to favor the downside. With that in mind, a clear-cut entry signal absent and a flurry of nearby support levels skew risk/reward considerations away from entering at present. As such, we will remain on the sidelines for now.

AUDUSD_Weakness_Still_Favored_Sub-1.04_body_Picture_5.png, AUDUSD: Weakness Still Favored Sub-1.04

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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