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AUDUSD: Upswing Seen as Selling Opportunity

AUDUSD: Upswing Seen as Selling Opportunity

2012-05-22 03:18:00
Ilya Spivak, Head Strategist, APAC
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Strategy: Pending Short

AUDUSD put in a Bullish Engulfing candlestick above support at 0.9808, the 61.8% Fibonacci expansion level, hinting a corrective bounce is ahead. We will treat the pullback as a selling opportunity in the days ahead once upward momentum appears exhausted. Initial resistance lines up in the 1.0010-44 area, with a break above that on a daily closing basis exposing the 1.0199-1.0209 region.

AUDUSD_Upswing_Seen_as_Selling_Opportunity_body_Picture_5.png, AUDUSD: Upswing Seen as Selling Opportunity

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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