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AUDUSD: Pullback May Offer Short Trade Entry

AUDUSD: Pullback May Offer Short Trade Entry

Ilya Spivak, Head Strategist, APAC

Strategy: Pending Short

AUDUSD is mounting a shallow recovery after breaching rising trend line support set from early October having put in a bullish Harami candlestick pattern. Trend line support-turned-resistance liens up at 1.0369 and is reinforced by the top of a falling channel set from late February, now at 1.0416. We will wait for this pullback to run its course to look for selling opportunities.

AUDUSD_Pullback_May_Offer_Short_Trade_Entry_body_Picture_5.png, AUDUSD: Pullback May Offer Short Trade Entry

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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