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AUD/USD Technical Analysis: Near-Term Bottom in Place?

By , Currency Strategist
02 July 2013 02:47 GMT

AUD/USD Technical Analysis– Prices put in a bullish Piercing Line candlestick pattern, hinting a move higher is ahead. Positive RSI divergence reinforces the case for an upside scenario. Near-term resistance is at 0.9325, the June 11 swing low, with added reinforcement from a falling channel top set from early May. A break above that aims for the 23.6% Fibonacci retracement at 0.9486. Initial support is at 0.9106, the July 1 low.

dailyclassics_aud-usd_body_Picture_9.png, AUD/USD Technical Analysis: Near-Term Bottom in Place?

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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02 July 2013 02:47 GMT