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DailyFX Home / Analyst Picks / Ilya Spivak

AUD/USD Sought for Short Entry

By , Currency Strategist
19 July 2013 12:33 GMT

AUDUSD broke out higher as expected expected. Prices took out resistance at the top of a falling channel set from April, pointing to a significant correction upward ahead. The 23.6% Fibonacci retracement at 0.9371 lines up as the next upside barrier, with a push above that exposing the 38.2% level at 0.9602. Channel resistance-turned-support is now at 0.9080. I will look to enter short following the bounce pending technical confirmation of ebbing bullish momentum.

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19 July 2013 12:33 GMT