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Forex: AUD/USD Technical Analysis – 5-Month Support Broken?

Forex: AUD/USD Technical Analysis – 5-Month Support Broken?

2014-01-16 04:51:00
Ilya Spivak, Head Strategist, APAC
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Talking Points

  • Prices are moving lower as expected after showing a Bearish Engulfing candle setup
  • A close below 0.8847-64 (Aug’13 low, 23.6% Fib) exposes 0.8727 (38.2% Fib)
  • Near-term resistance is at the 0.90 figure, followed by 0.9085 (January 13 high)

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

dailyclassics_aud-usd_body_Picture_11.png, Forex: AUD/USD Technical Analysis – 5-Month Support Broken?

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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