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Forex Analysis: AUD/USD Tests Critical Range Top

Forex Analysis: AUD/USD Tests Critical Range Top

Ilya Spivak, Head Strategist, APAC

Strategy: Flat

Prices are testing multi-month range resistance in the 1.0578-1.0624 area. A break higher targets the 76.4% Fibonacci expansion level at 1.0676. The outer layer of near-term support is at 1.0562, the 50% Fib, with a break below that exposing the 38.2% level at 1.0511. An actionable trade setup is absent for now and we will continue to stand aside.

Forex_Analysis_AUDUSD_Tests_Critical_Range_Top_body_Picture_1.png, Forex Analysis: AUD/USD Tests Critical Range Top

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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