The Australian Dollar advanced expected against its US counterpart after forming a bullish Piercing Line candlestick pattern. The pair is now testing a falling trend line set from early
Risk/reward considerations argue against entering a trade at the moment. On one hand, prices are squarely at resistance, making the long side unattractive. On the other, a short position taken on the so far baseless assumption that resistance will hold is a dangerous proposition. We will wait for confirmation for now.