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AUD/USD Technical Analysis: Sideways Consolidation Continues

AUD/USD Technical Analysis: Sideways Consolidation Continues

Ilya Spivak, Head Strategist, APAC

AUD/USD Technical Analysis – Prices are in consolidation mode having taken out resistance at the top of a falling channel set from April. The move hints a significant correction upward is ahead but follow-through has been lacking thus far. The first layer of significant resistance is at 0.9371, the 23.6% Fibonacci retracement.Near-term support is at 0.9035, the July 3 low.

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

dailyclassics_aud-usd_body_Picture_9.png, AUD/USD Technical Analysis: Sideways Consolidation Continues

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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