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Forex: AUD/USD Technical Analysis – Testing Key Trend Line

Forex: AUD/USD Technical Analysis – Testing Key Trend Line

2013-10-25 11:29:00
Ilya Spivak, Head Strategist, APAC
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Talking Points

  • A Bearish Engulfing candle pattern, negative RSI divergence warn of a pullback
  • Initial support is at 0.9625 (trend line from Sep low); below that eyes 0.9541 (23.6% Fib)
  • Near-term resistance is at 0.9755 (Oct 23 high); we will hold long from 0.9189 for now

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

dailyclassics_aud-usd_body_Picture_9.png, Forex: AUD/USD Technical Analysis – Testing Key Trend Line

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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