AUD/USD Technical Strategy: Flat
Prices turned lower as expected after putting in a bearish Dark Cloud Cover candlestick pattern below multi-month range resistance in the 1.0578-1.0624 area. Sellers are now challenging rising trend line support set from late October (1.0398). A break lower exposes swing lows at 1.0344 and 1.0286. Alternatively, a reversal through resistance at 1.0485 targets the range top anew. A confirmed breakout is absent for now and we will stand aside until something more actionable presents itself.
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, please CLICK HERE
New to FX? Watch this Video. For live market updates, visit the Real Time News Feed
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.
