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AUDUSD: Rising Trend Line Still in Play
Written by article default Monday, 17 January 2011 06:51
Strategy: Pending Short
AUDUSD continues to test major support at a rising trend line set from the lows in early June of last year having put in a bearish Dark Cloud Cover candlestick pattern below a new record high at 1.0256. However, a Bullish Engulfing pattern at this boundary points to an upswing may be head before a larger breakdown materializes. We will stand aside for now, opting to wait for confirmation on a daily close below the trend line (now at 0.9906) as the trigger to enter short.
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