AUDUSD: Triple Top Begins Taking Shape

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



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