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AUD/USD Technical Analysis: Initial Resistance Challenged

AUD/USD Technical Analysis: Initial Resistance Challenged

Ilya Spivak, Head Strategist, APAC

AUD/USD Technical Analysis– Prices are attempting a recovery as expected. Initial trend lien resistance is at 0.9678, with a break above that eyeing a larger downward-sloping barrier at 0.9911. Near-term support is at 0.9415, the 23.6% Fibonacci expansion, with a push beneath that targeting the 38.2% level at 0.9260.

dailyclassics_aud-usd_body_Picture_9.png, AUD/USD Technical Analysis: Initial Resistance Challenged

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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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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