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AUDUSD: Signs of Reversal Emerge at Parity

AUDUSD: Signs of Reversal Emerge at Parity

2012-06-08 03:05:00
Ilya Spivak, Head Strategist, APAC
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Strategy: Pending Short

AUDUSD is showing a Shooting Star candlestick below the parity (1.0000) figure, a psychological hurdle reinforced by resistance in the 0.9894-0.9948 area marked by the 61.8% Fibonacci retracement and the mid-December swing bottom. While compelling, the setup does not offer adequate confirmation of reversal to be actionable. We will wait for a bearish close below the top of a former falling channel top now acting as support (currently at 0.9839) to actively look for selling opportunities.

AUDUSD_Signs_of_Reversal_Emerge_at_Parity_body_Picture_5.png, AUDUSD: Signs of Reversal Emerge at Parity

Daily Chart - Created Using FXCM Marketscope 2.0

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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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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