AUDUSD: Bounce Hinted at Trend Line
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.
Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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