AUD/USD Long Entry Sought
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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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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