AUDUSD: Preparing to Sell on Channel Retest
Strategy: Pending Short
AUDUSD is re-testing the previously broken underside of a rising channel set from late December, a barrier reinforced by the top of a smaller channel formation established from the move recent swing high on February 8. While this would be a natural place for a bearish reversal and it is very tempting to enter short at current levels, the absence of even preliminary confirmation agues for patience. As such, we will reluctantly remain on the sidelines for now.
Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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