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AUD/USD Technical Analysis: 20-Month Low Set Below 0.94

AUD/USD Technical Analysis: 20-Month Low Set Below 0.94

Ilya Spivak, Head Strategist, APAC

AUD/USD Technical Analysis– Prices broke support in the 0.9542-80 area, marked by the June 2012 low and the 23.6% Fibonacci expansion, to test the 38.2% level at 0.9388. A further push downward targets the 50% Fib at 0.9264. Alternatively, a move back above 0.9580 eyes the June 3 high at 0.9791. Positive RSI divergence warns of ebbing bearish momentum.

dailyclassics_aud-usd_body_Picture_9.png, AUD/USD Technical Analysis: 20-Month Low Set Below 0.94

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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