AUDUSD: Upswing Sought for Sell Trade Setup
Strategy: Pending Short
AUDUSD is testing support in the 0.9686-0.9733 area marked by the late-November swing bottom and the 76.4% Fibonacci retracement. Positive RSI divergence warns a bounce may be ahead. We will stand aside for now, looking for an upward correction to yield a selling opportunity. Near-term resistance lines up in the 0.9894-0.9948 area.
Daily Chart - Created Using FXCM Marketscope 2.0
Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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