AUDUSD: Hammer Candle Hints at Gains
AUDUSD put in a Hammer candlestick above support at a major rising trend line set from early October, a barrier reinforced by the bottom of a falling channel established over the past month, hinting an upswing may be ahead. Positive RSI divergence reinforces the case for an upside scenario. Confirmation is required however and we will hold off on entering a trade for now.
Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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