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Forex: AUD/USD Technical Analysis – Attempting to Expose 0.90

Forex: AUD/USD Technical Analysis – Attempting to Expose 0.90

2014-02-05 04:21:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support: 0.8819 (14.6% Fib ret.), 0.8659 (Jan 24 low)
  • Resistance: 0.8918 (23.6% Fib ret., trend line), 0.9079 (38.2% Fib ret.)

The Australian Dollar rallied as expected after putting in a bullish Piercing Line candlestick pattern. Prices are now testing resistance at 0.8918, the intersection of the 23.6% Fibonacci retracement and a formerly broken rising trend line. A break upward initially targets the 38.2% level at 0.9079. Alternatively, a reversal below the 14.6% Fib at 0.8819 aims for the January 24 low at 0.8659.

Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, a short trade seems premature absent a clear-cut reversal signal. We will remain on the sidelines for the time being, waiting for an actionable setup to present itself.

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dailyclassics_aud-usd_body_Picture_12.png, Forex: AUD/USD Technical Analysis – Attempting to Expose 0.90

Daily Chart - Created Using FXCM Marketscope 2.0

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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