AUDUSD: Critical Resistance Vulnerable Again
Prices bounced higher after putting in a Hammer candlestick above support at 1.0322, the 23.6% Fibonacci expansion. Initial trend line resistance lines up at 1.0551, with a break above that aiming for the 1.0612-24 region marked by the August 9 and September 14 swing highs. Alternatively, a reversal through support exposes the 38.2% level at 1.0136. An actionable trade setup is absent for now and we will stand aside until something concrete presents itself.
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
To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to firstname.lastname@example.org
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.