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AUD/USD Technical Analysis: Aussie Dollar Rebound Ahead?

By , Currency Strategist
06 August 2013 03:49 GMT

AUD/USD Technical Analysis – Prices put in a Hammer candlestick above resistance-turned-support at the top of a falling channel set from April, hinting a bounce may be ahead (although confirmation is absent for now). Near-term resistance is at 0.9035, with a break above that eyeing 0.9325. Alternatively, a move below the channel barrier aims for the 38.2% Fibonacci expansion at 0.8712.

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dailyclassics_aud-usd_body_Picture_9.png, AUD/USD Technical Analysis: Aussie Dollar Rebound Ahead?

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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06 August 2013 03:49 GMT