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AUD/USD Technical Analysis: Upside Hurdle Seen Sub-0.94

AUD/USD Technical Analysis: Upside Hurdle Seen Sub-0.94

2013-07-22 10:05:00
Ilya Spivak, Head Strategist, APAC
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AUD/USD Technical Analysis – Prices broke higher as expected, taking out resistance at the top of a falling channel set from April and hinting a significant correction upward is ahead. Buyers now aim to challenge the 23.6% Fibonacciretracement at 0.9371, with a push above that exposing the 38.2% level at 0.9602.Channel resistance-turned-support is at 0.9058.

Confirm your chart-based trade setups with the Technical Analyzer.

dailyclassics_aud-usd_body_Picture_9.png, AUD/USD Technical Analysis: Upside Hurdle Seen Sub-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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