AUDUSD: Waiting for Confirmation to Get Short
Strategy: Pending Short
AUDUSD is bouncing from support at 1.0120, the 23.6% Fibonacci expansion, a barrier reinforced by a rising trend line set from the June 8 low. Near-term resistance lines up at 1.0213 and is likewise reinforced by a rising trend, this one set from the June 1 bottom. Negative RSI divergence hints a reversal lower may be at work but we will look for confirmation on a break below 1.0120 before looking for selling opportunities.
Daily Chart - Created Using FXCM Marketscope 2.0
Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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