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AUDUSD: Looking for Channel Break to Sell

AUDUSD: Looking for Channel Break to Sell

Ilya Spivak, Head Strategist, APAC

Strategy: Flat

AUDUSD edged higher after putting in an Inverted Hammer candlestick above support at the bottom of a rising channel set from late December. Negative RSI divergence in overbought territory recorded as prices set a swing top below the channel’s upper boundary suggests a top may have been set on February 8. Confirmation on a daily close below the channel bottom, now at 1.0657, is needed to make for an actionable sell signal. Near-term resistance stands at 1.0843.

AUDUSD_Looking_for_Channel_Break_to_Sell_body_Picture_5.png, AUDUSD: Looking for Channel Break to Sell

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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