AUDUSD: A Triple Top in the Works?
Forex pairs in this Article »
AUD/USD
Strategy: Flat
AUDUSD put in a bearish Shooting Star candlestick below double top resistance at 1.0728, hinting a move lower is ahead. Overbought RSI levels seem to reinforce the case for a downside scenario but confirmation remains elusive and we will stand aside for now until prices show greater conviction. The first layer of significant support lines up at 1.0379.
Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail ispivak@dailyfx.com. Follow me on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com
AUDUSD put in a bearish Shooting Star candlestick below double top resistance at 1.0728, hinting a move lower is ahead. Overbought RSI levels seem to reinforce the case for a downside scenario but confirmation remains elusive and we will stand aside for now until prices show greater conviction. The first layer of significant support lines up at 1.0379.
Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail ispivak@dailyfx.com. Follow me on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com
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