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AUD/USD Bounce Still a Possibility

AUD/USD Bounce Still a Possibility

Ilya Spivak, Head Strategist, APAC

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.

Forex_Strategy_AUDUSD_Bounce_Still_a_Possibility_body_Picture_5.png, AUD/USD Bounce Still a Possibility

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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