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Forex: AUD/USD Technical Analysis – Bears Target August Low

Forex: AUD/USD Technical Analysis – Bears Target August Low

2013-08-22 06:59:00
Ilya Spivak, Head Strategist, APAC
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AUD/USD Technical Analysis – Prices reversed lower through support in the 0.8997-0.9035 area, exposing the August 5 low at 0.8847. This level is reinforced by the 23.6% Fibonacci expansion at 0.8823. A break beneath the latter level eyes the 38.2% expansion at 0.8570. Alternatively, a move back above 0.9035 sees the next resistance threshold in the 0.8256-95 region. We continue to hold long for now.

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dailyclassics_aud-usd_body_Picture_9.png, Forex: AUD/USD Technical Analysis – Bears Target August Low

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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