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AUDUSD: Candles Signal Reversal at Channel Top

AUDUSD: Candles Signal Reversal at Channel Top

2012-08-03 03:02:00
Ilya Spivak, Head Strategist, APAC
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Strategy: Pending Short

AUDUSD put in a bearish Evening Star candlestick pattern below resistance marked by the top of a rising channel carved out since late June, hinting a move lower is ahead. Negative RSI divergence reinforces the case for a downside scenario. Risk/reward considerations are skewed against selling at current levels however with prices in close proximity to support at 1.0443 and we will remain on the sidelines for now, preferring to see a clear break below the channel bottom as confirmation to get in short.

AUDUSD_Candles_Signal_Reversal_at_Channel_Top_body_Picture_5.png, AUDUSD: Candles Signal Reversal at Channel Top

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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