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AUDUSD: Key Channel on the Verge of Caving

AUDUSD: Key Channel on the Verge of Caving

2012-08-24 12:20:00
Ilya Spivak, Head Strategist, APAC
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Strategy: Pending Short

Prices are probing through support at the bottom of a rising channel set from early June having failed to build back above the 1.05 figure. A breakdown marks a significant near-term trend reversal and initially exposes 1.0328. The 1.05 mark continues to act as relevant resistance for now, with a push above it exposing a trajectory-defining trend line set from the July 27 2011 high (now at 1.0593). We will for a close below the channel bottom to actively position for a short entry, though we remain short AUDCAD.

AUDUSD_Key_Channel_on_the_Verge_of_Caving_body_Picture_5.png, AUDUSD: Key Channel on the Verge of Caving

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

To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com

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

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