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AUD/USD May Bounce at Key Swing Bottom

By , Currency Strategist
24 May 2013 10:29 GMT

AUD/USD Technical Strategy: Flat

Prices are testing support in the 0.9663-82 area, marked by the November 23 2011 low and the 23.6% Fibonacci expansion. A break below that eyes the 0.9580-84 region. Near-term resistance is at 0.9841, the May 21 swing high. Positive RSI divergence argues in favor of an upside scenario. Current positioning doesn’t offer an actionable trade setup and we remain on the sidelines for now.

Forex_Strategy_AUDUSD_May_Bounce_at_Key_Swing_Bottom_body_Picture_5.png, AUD/USD May Bounce at Key Swing Bottom

Daily Chart - Created Using FXCM Marketscope 2.0

Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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24 May 2013 10:29 GMT