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AUD/USD: Selling opportunity circa 0.89 - 2ndSkies

FXStreet (Bali) - While AUD/USD short term has bullish momentum, Chris Capre, Founder at 2ndSkies, notes that if key resistance around 8900 is challenged, a sell a tight stop above the Oct 29 high is a sensible strategy.

Key Quotes

"After getting hammered post FOMC yesterday, the Aussie found some buyers as the bids held the line around 8760. They absorbed the offers there, forming several large wicks before forming a long tailed pin bar launching higher in the process."

"For now, the pair short term has bullish momentum with it from the day. If the pair challenges the key resistance around 8900, look to sell here with a tight stop above the high of the pin bar. If the pair drops from here, the obvious downside first target would be around 8775/8760."

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