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AUD/USD Long Entry Sought

AUD/USD Long Entry Sought

2013-08-09 11:03:00
Ilya Spivak, Head Strategist, APAC
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AUD/USD Technical Strategy: Pending Long

Prices bounced as expected after putting in a Hammer candlestick above resistance-turned-support at the top of a falling channel set from April. The pair has now cleared resistance in the 0.8997-0.9035 area to challenge a falling trend line cluster in the 0.9113-52 region, with a break higher targeting a familiar range top at 0.9335. Alternatively, a move below 0.8997 targets the August 5 low at 0.8847. Risk/reward considerations argue against entering a trade at current levels and we will stand aside for now, looking to get long in line with our fundamental outlook.

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Forex_Strategy_AUDUSD_Long_Entry_Sought_body_Picture_5.png, AUD/USD Long Entry Sought

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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