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AUD/USD Technical Analysis: Upward Breakout Ahead?

AUD/USD Technical Analysis: Upward Breakout Ahead?

2013-07-16 08:46:00
Ilya Spivak, Head Strategist, APAC
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AUD/USD Technical Analysis– Prices are testing resistance at the top of a falling channel set from April, with a close above this boundary exposing the 23.6% Fibonacciretracement at 0.9371.Near-term support is at 0.9035, the July 3 low. Positive RSI divergence argues in favor of an upside scenario.

dailyclassics_aud-usd_body_Picture_8.png, AUD/USD Technical Analysis: Upward Breakout Ahead?

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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