AUDUSD: Weakness Still Favored Sub-1.04
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.
Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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