AUD/USD Bounce to Offer Short Setup
AUD/USD Technical Strategy: Pending Short
Prices broke higher as expected, taking out resistance at the top of a falling channel set from April and hinting a significant correction upward is ahead. Buyers now aim to challenge the 23.6% Fibonacciretracement at 0.9371, with a push above that exposing the 38.2% level at 0.9602.Channel resistance-turned-support is at 0.9080.We will look to the forthcoming bounce as an opportunity to enter short, in line with the larger down trend.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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