AUD/USD Bounce Still a Possibility
AUD/USD Technical Strategy: Flat
Prices are testing support at 0.9035, the July 3 low, with a break beneath that eyeing the 61.8% Fibonacci expansion at 0.8889. Falling channel resistance is at 0.9184, with a reversal above that targeting the 23.6% Fib retracement at 0.9400. Positive RSI divergence continues to warn of a bottom in the works and we will stand aside for now looking for confirmation of such a scenario on break of the channel top. We will treat any subsequent bounce as a selling opportunity.
Daily Chart - Created Using FXCM Marketscope 2.0
Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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