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Forex: AUD/USD Technical Analysis – Resistance Found Above 0.94

Forex: AUD/USD Technical Analysis – Resistance Found Above 0.94

2013-10-07 08:22:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points

  • Prices rose as expected after forming a Bullish Engulfing pattern at support near 0.89
  • A close above resistance at 0.9430 (23.6% Fib) would expose 0.9523 (38.2% Fib)
  • Near-term support is at 0.9284 (38.2% Fib retracement); we continue to holdlong

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dailyclassics_aud-usd_body_Picture_9.png, Forex: AUD/USD Technical Analysis – Resistance Found Above 0.94

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

Contact and follow Ilya on Twitter: @IlyaSpivak

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