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AUDUSD: Bulls Test Trend-Defining Resistance

AUDUSD: Bulls Test Trend-Defining Resistance

Ilya Spivak, Head Strategist, APAC

Strategy: Flat

Prices pulled back to support at 1.0410, the 23.6% Fibonacci expansion, after putting in a Shooting Star candlestick below resistance at a falling trend line set from late-July 2011 (a barrier reinforced by the 38.2% level at 1.0560). Continued selling initially targets the 14.6% Fib at 1.0318. Alternatively, a break above resistance targets the 50% expansion at 1.0682. Current positioning doesn’t offer an attractive entry point from a risk/reward perspective and we will stand aside for now.

AUDUSD_Bulls_Test_Trend-Defining_Resistance_body_Picture_5.png, AUDUSD: Bulls Test Trend-Defining Resistance

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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