AUD/USD Technical Analysis: Sideways Consolidation Continues
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.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.