AUDUSD: Short Trade Setup Sought on Bounce
Strategy: Pending Short
AUDUSD put in a Harami candlestick pattern above support at 0.9695, the 123.6% Fibonacci expansion level, hinting a corrective bounce may be ahead. Positive RSI divergence reinforces the case for an upside scenario. We will treat the pullback as a selling opportunity in the days ahead once upward momentum appears exhausted. Initial resistance lines up at 0.9844 marked by the 100% expansion.
Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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