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MENAFN - DailyFX - 07/05/2012

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Strategy: Pending Short

AUDUSD is testing major support a rising trend line set from late May 2010 now at 1.0138, a barrier reinforced by the 50% Fibonacci expansion at 1.0159. We will look for a daily close below this level to mark a major bearish trend reversal and position for a selling opportunity. Near-term resistance lines up at 1.0232, the 38.2% expansion.

AUDUSD_Sellers_Threaten_Multi-Year_Support_body_Picture_5.png, AUDUSD: Sellers Threaten Multi-Year Support

Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya 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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