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Forex: AUD/USD Technical Analysis – Double Bottom in Place?

Forex: AUD/USD Technical Analysis – Double Bottom in Place?

Ilya Spivak, Head Strategist, APAC

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Talking Points

  • Bullish Engulfing pattern forms at support in 0.8823-0.8901 area (Aug2 close, 23.6% Fib exp.)
  • Candle setup hints a double bottom maybe forming and we continue to hold a long position
  • Break above 0.9035 initially exposes the 0.9256-95 region (range top, 23.6% Fib retracement)

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

dailyclassics_aud-usd_body_Picture_12.png, Forex: AUD/USD Technical Analysis – Double Bottom in Place?

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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