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AUDUSD: Bounce Hinted at Trend Line

AUDUSD: Bounce Hinted at Trend Line

Ilya Spivak, Head Strategist, APAC

Strategy: Flat

AUDUSD put in a bullish Morning Star candlestick pattern above support at a rising trend line set from late November, hinting a move higher is ahead. Initial resistance lines up at 1.0668 and 1.0764, with a break above the latter boundary exposing recent tops in the 1.0843-55 area. Risk/reward considerations argue against entering a trade at current levels with prices so close to key technical barriers and we will stand aside for now.

AUDUSD_Bounce_Hinted_at_Trend_Line_body_Picture_5.png, AUDUSD: Bounce Hinted at Trend Line

Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya 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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