AUDUSD: Short Setup Sought at Key Resistance
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.
Daily Chart - Created Using FXCM Marketscope 2.0
Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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