AUDUSD: Key Channel Support Finally Broken
Strategy: Pending Short
Prices are testing support in the 1.0285-1.0311 area marked by the 23.6% Fibonacci expansion and the June 5 close. A break blower targets 1.0192 and the 38.2% level at 1.0124. Resistance stands at the formerly broken bottom of a rising channel now at 1.0495. Current positioning doesn’t offer an attractive entry point from a risk/reward perspective and we will stand aside for now.
Daily Chart - Created Using FXCM Marketscope 2.0
Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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