Strategy: Pending Short
AUDUSD is testing major support a rising trend line set from late May 2010 now at 1.0138, a barrier reinforced by the 50% Fibonacci expansion at 1.0159. We will look for a daily close below this level to mark a major bearish trend reversal and position for a selling opportunity. Near-term resistance lines up at 1.0232, the 38.2% expansion.
Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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