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Forex: AUD/USD Technical Analysis – Edging to August Low

Forex: AUD/USD Technical Analysis – Edging to August Low

2013-08-29 11:14:00
Ilya Spivak, Head Strategist, APAC
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AUD/USD Technical Analysis – Prices are edging lower after slipping below support at 0.9035. The next major layer of support is at 0.8847, the August 5 low, a barrier reinforced by the 23.6% Fibonacci expansion at 0.8823. A break below that initially exposes 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 – Edging to 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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