Short Aussie On Fall Below Resistance

17 Eki 2012

Although the AUDUSD has traded above its 1.0280 resistance of the last two weeks (Blue Line) the pair remains an under performer in the current risk rally (see EURUSD vs AUDUSD gains). As such, it looks more like sellers are just backing off than buyers returning to the AUDUSD. Therefore, would go short if rally subsides and trades back below its previous resistance.