AUDUSD: Choppy Consolidation Prevails
Prices put in a Shooting Star candlestick below resistance at 1.0386, the 50% Fibonacci retracement, hinting at ebbing bullish conviction and warning a pullback may be ahead. Initial support lines up at 1.0330, the 38.2% Fib, with a break below that targeting the 23.6% level at 1.0261. Alternatively, a push above resistance initially targets the 61.8% retracement at 1.0442. Confirmation of an actionable trade setup is absent for now we will continue to stand aside.
Daily Chart - Created Using FXCM Marketscope 2.0
Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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