DailyFX Roundtable

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

AUDUSD has put in a Bearish Engulfing reversal pattern, hinting the bears will dominate price action going forward. However, prices remain above support at a rising trend line established from 03/10 low (currently at 0.7200). Beyond this, the next significant level is seen at 0.7060, a key pivot that has acted as both support and resistance early October of last year. Look for a daily close below this final juncture to enter short, intially targeting below 0.65 but intending to hold for an extended period of weakness to surpass the double bottom at 0.6291.

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