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AUDUSD: Standing Aside on Conflicting Cues

AUDUSD: Standing Aside on Conflicting Cues

Ilya Spivak, Head Strategist, APAC

Strategy: Flat

AUDUSD broke out of a well-defined falling channel after putting in a bullish Piercing Line candlestick pattern above support at 1.0249, with prices now seemingly forming a descending triangle. The setup is classically associated with bearish continuation, but that is difficult here considering “continuation” would imply a move higher, whereas the downside bias would mark a reversal. With that in mind, we will stand aside and withhold judgment until the pattern is resolved with either a break above is upper boundary (now at 1.0376) or below support at 1.0311.

AUDUSD_Standing_Aside_on_Conflicting_Cues_body_Picture_5.png, AUDUSD: Standing Aside on Conflicting Cues

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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