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Forex Analysis: AUDUSD Lingers in Familiar Territory

Forex Analysis: AUDUSD Lingers in Familiar Territory

Ilya Spivak, Head Strategist, APAC

Strategy: Flat

Prices put in a Shooting Star candlestick below resistance at 1.0397, the 23.6% Fibonacci expansion level, hinting a move lower may be ahead. Near-term support lines up at 1.0173, a horizontal barrier that has contained the downside over the past three months. Alternatively, a break above resistance exposes a major falling trend line at 1.0515, a hurdle reinforced by the 38.2% Fib at 1.0551. Confirmation of an actionable trade setup is absent for now we will continue to stand aside.

Forex_Analysis_AUDUSD_Lingers_in_Familiar_Territory_body_Picture_5.png, Forex Analysis: AUDUSD Lingers in Familiar Territory

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

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