AUDUSD: Triple Top Begins Taking Shape
Forex pairs in this Article »
AUD/USD
Strategy: Pending Short
AUDUSD put in a bearish Shooting Star candlestick below double top resistance at 1.0728, hinting a move lower is ahead. Negative RSI divergence bolsters the case for a downside scenario but confirmation remains elusive for now and we will stand aside until prices show greater conviction. The first layer of rising trend line support stands up at 1.0490.
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. Negative RSI divergence bolsters the case for a downside scenario but confirmation remains elusive for now and we will stand aside until prices show greater conviction. The first layer of rising trend line support stands up at 1.0490.
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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