Forex: AUD/USD Technical Analysis – Channel Bottom Retested
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- Prices turned lower as expected after putting in a Bearish Engulfing candle pattern
- Support is now at 0.9409 (38.2% Fib); breaking below that targets 0.9302 (50% Fib)
- Above 0.9509-42 (channel bottom, Fib cluster) exposes 0.9714 (50% Fib from April high)
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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