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AUDUSD: Short Setup Sought at Key Resistance

AUDUSD: Short Setup Sought at Key Resistance

Ilya Spivak, Head Strategist, APAC

Strategy: Pending Short

AUDUSD is testing resistance at 1.0132, the 61.8% Fibonacci retracement, a barrier reinforced by a falling trend line set from late February. We will look for signs of bearish reversal at this boundary to look for selling opportunities. A reversal sees initial support at 1.0027, the 50% Fib. Alternatively, a break higher exposes the 76.4% level at 1.0263.

AUDUSD_Short_Setup_Sought_at_Key_Resistance_body_Picture_5.png, AUDUSD: Short Setup Sought at Key Resistance

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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