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AUD/USD Technical Analysis: Bears Retest Channel Top

AUD/USD Technical Analysis: Bears Retest Channel Top

2013-08-02 10:04:00
Ilya Spivak, Head Strategist, APAC
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AUD/USD Technical Analysis – Prices broke support at 0.8943, the 23.6% Fibonacci expansion, exposing falling channel resistance-turned-support at 0.8849. A further push below that eyes the 38.2% level at 0.8712. Alternatively, a reversal back above 0.8943 aims for the July 3 low at 0.9035.

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

dailyclassics_aud-usd_body_Picture_9.png, AUD/USD Technical Analysis: Bears Retest Channel Top

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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