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AUDUSD: Preparing to Sell on Channel Retest

AUDUSD: Preparing to Sell on Channel Retest

Ilya Spivak, Head Strategist, APAC

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.

AUDUSD_Preparing_to_Sell_on_Channel_Retest_body_Picture_5.png, AUDUSD: Preparing to Sell on Channel Retest

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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