Forex: AUD/USD prints reversal signal at key resistance
Forex pairs in this Article »
AUD/USD
FXstreet.com (San Francisco) - AUDUSD printed a bearish pin bar on the Daily timeframe chart Tuesday, a common reversal signal that forms at market highs and, in this instance, follows a spinning top candlestick formation at the upper boundary of channel resistance.
The pairing finished at 1.0553 after trading an intraday range of 1.0547/1.0603, encouraging sellers as bears seem poised to defend the 1.0600 figure and initiate a bearish correction. Support lies at 1.0537 (31 July high), 1.0487 (27 July high) and 1.0444 (19 July high). To the upside, resistance lies at 1.0660 (4 Sept high), 1.0770 (29 May 2011 high) and 1.0800 (figure).
The pairing finished at 1.0553 after trading an intraday range of 1.0547/1.0603, encouraging sellers as bears seem poised to defend the 1.0600 figure and initiate a bearish correction. Support lies at 1.0537 (31 July high), 1.0487 (27 July high) and 1.0444 (19 July high). To the upside, resistance lies at 1.0660 (4 Sept high), 1.0770 (29 May 2011 high) and 1.0800 (figure).
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