AUDUSD: Upswing Challenges Key Channel Top
AUDUSD testing resistance at the top of a rising channel set from late June, a barrier reinforced by the April 27 swing high at 1.0473. Risk/reward considerations argue against entering a trade at current levels until this barrier is taken out to the upside or clear signs of a reversal lower emerge. We will remain on the sidelines for the time being.
Daily Chart - Created Using FXCM Marketscope 2.0
Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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