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AUDUSD: Upswing Challenges Key Channel Top

AUDUSD: Upswing Challenges Key Channel Top

Ilya Spivak, Head Strategist, APAC

Strategy: Flat

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.

AUDUSD_Upswing_Challenges_Key_Channel_Top_body_Picture_5.png, AUDUSD: Upswing Challenges Key Channel Top

Daily Chart - Created Using FXCM Marketscope 2.0

Written by Ilya Spivak, Currency Strategist for

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