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AUDUSD: Wedge Break Argues for Gains

AUDUSD: Wedge Break Argues for Gains

2012-03-16 05:34:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Flat

AUDUSD appears to have broken above the top of a bullish Falling Wedge chart pattern after putting in a Hammer candlestick above the formation’s lower boundary. Near-term resistance lines up at 1.0552, with a break above that exposing the 1.0626-1.0658 area. Risk/reward parameters argue against placing a trade here and we will stand side for now. Furthermore, heavy congestion on the daily chart (not shown) argues against reading too much into current positioning.

AUDUSD_Wedge_Break_Argues_for_Gains_body_Picture_5.png, AUDUSD: Wedge Break Argues for Gains

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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