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AUDUSD: Channel Top and 1.05 Figure in Focus

AUDUSD: Channel Top and 1.05 Figure in Focus

Ilya Spivak, Head Strategist, APAC

Strategy: Flat

AUDUSD is approaching resistance at 1.0473 marked by the April 27 high and the top of a rising channel carved out since late June. A break higher exposes the next major upside barrier at 1.0636. Near-term support is in the 1.0225-1.0313 area. Current positioning does not offer an actionable trade setup and we will stand side for now until something more compelling presents itself.

AUDUSD_Channel_Top_and_1.05_Figure_in_Focus_body_Picture_5.png, AUDUSD: Channel Top and 1.05 Figure in Focus

Daily Chart - Created Using FXCM Marketscope 2.0

Written by Ilya Spivak, Currency Strategist for

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.