AUDUSD: Remain Short as Risky Assets Falter

[B]My picks:[/B] Remain Short AUDUSD
[B]Expertise:[/B] Global Macro, Classic Technical Analysis
[B]Average Time Frame of Trades:[/B] 1 week - 6 months

I sold AUDUSD at 0.7896 as prices broke support of a rising channel after showing a Bearish Engulfing reversal pattern. Since then, prices have corrected higher and now look to be setting up a double top, with the bearish bias bolstered by negative divergence o the RSI oscillator. Remain short, continuing to target a decline to the previous swing bottom at 0.6949. A stop-loss will be activated on a daily close above the 06/03 wick high at 0.8269.

For detailed analysis of all the major currency pairs, please see my weekly technical outlook report.