To receive Ilya's analysis directly via email, please SIGN UP HERE
AUD/USD Technical Analysis – Prices are edging lower after slipping below support at 0.9035. The next major layer of support is at 0.8847, the August 5 low, a barrier reinforced by the 23.6% Fibonacci expansion at 0.8823. A break below that initially exposes the 38.2% expansion at 0.8570. Alternatively, a move back above 0.9035 sees the next resistance threshold in the 0.8256-95 region. We continue to hold long for now.
Confirm your chart-based trade setups with the Technical Analyzer.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. Follow Ilya on Twitter at @IlyaSpivak
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.