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AUD/USD Technical Analysis: Bulls Cautiously Resurface

AUD/USD Technical Analysis: Bulls Cautiously Resurface

Ilya Spivak, Head Strategist, APAC

AUD/USD Technical Analysis– Prices are attempting a recovery from support at 0.9388, the 38.2% Fibonacci expansion, as expected. A break above near-term resistance at 0.9542, the 23.6% level, exposes the June 3 high at 0.9791. Alternatively, a push beneath 0.9388 exposes the 50% Fib at 0.9264. We are looking for a correction to enter short.

dailyclassics_aud-usd_body_Picture_9.png, AUD/USD Technical Analysis: Bulls Cautiously Resurface

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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