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AUDUSD: Sellers Aim at Key Trend Line

AUDUSD: Sellers Aim at Key Trend Line

2012-03-23 05:22:00
Ilya Spivak, Head Strategist, APAC
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Strategy: Flat

AUDUSD is approaching support at a major rising trend line set from early October, a barrier reinforced by the bottom of a rising channel established over the past month. Risk/reward considerations argue against entering a trade with prices so close to the next downside barrier and we will stand side for now a more compelling setup presents itself.

AUDUSD_Sellers_Aim_at_Key_Trend_Line_body_Picture_5.png, AUDUSD: Sellers Aim at Key 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

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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