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AUDUSD: Short Trade Setup Sought on Bounce

AUDUSD: Short Trade Setup Sought on Bounce

2012-05-25 10:49:00
Ilya Spivak, Head Strategist, APAC
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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.

AUDUSD_Short_Trade_Setup_Sought_on_Bounce_body_Picture_5.png, AUDUSD: Short Trade Setup Sought on Bounce

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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