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AUD/USD Technical Analysis: Larger Move Higher Ahead?

AUD/USD Technical Analysis: Larger Move Higher Ahead?

2013-08-08 07:08:00
Ilya Spivak, Head Strategist, APAC
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AUD/USD Technical Analysis – Prices bounced as expected after putting in a Hammer candlestick above resistance-turned-support at the top of a falling channel set from April. The pair is now probing above near-term resistance is in the 0.8997-0.9035 area. A break higher confirmed on a daily closing basis eyes the 0.9256-0.9304 region, marked by the 23.6% Fibonacci expansion and a range top set from late June. Near-term support is at 0.8847, the August 5 low.

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dailyclassics_aud-usd_body_Picture_9.png, AUD/USD Technical Analysis: Larger Move Higher 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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