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Forex: AUD/USD Technical Analysis – Range Bottom in Play

Forex: AUD/USD Technical Analysis – Range Bottom in Play

Ilya Spivak, Head Strategist, APAC

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. Near-term resistance is in the 0.9256-95 area, marked by a familiar range top and the 23.6% Fibonacci retracement. Support is in the 0.8997-0.9035 region, with a reversal back beneath that eyeing the August 5 low at 0.8847. We have entered long.

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

dailyclassics_aud-usd_body_Picture_10.png, Forex: AUD/USD Technical Analysis – Range Bottom in Play

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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