AUDUSD: Planing to Short Below 1.06
Strategy: Pending Short
AUDUSD put in a bearish Three Inside Down candlestick pattern below resistance at 1.0843, a level marked by the February 8 high and reinforced by the underside of a previously broken rising channel bottom. We will look for further confirmation of reversal on a daily close below 1.0596, the confluence of the recent range bottom and a rising trend line set from late November, before entering short.
Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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