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AUDUSD: Planing to Short Below 1.06

AUDUSD: Planing to Short Below 1.06

Ilya Spivak, Head Strategist, APAC

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.

AUDUSD_Planing_to_Short_Below_1.06_body_Picture_5.png, AUDUSD: Planing to Short Below 1.06

Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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