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Forex: AUD/USD Technical Analysis – 0.90 Mark in the Crosshairs

Forex: AUD/USD Technical Analysis – 0.90 Mark in the Crosshairs

2014-02-06 06:10:00
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: 0.8918-27 (23.6% Fib ret., trend line), 0.9079 (38.2% Fib ret.)

The Australian Dollar rose against its US namesake as expected after showing a bullish Piercing Line candlestick pattern. Prices are testing above resistance in the 0.8918-27 area, marked by the 23.6% Fibonacci retracement and a rising trend line set from mid-December. Breaking above this boundary exposes the 38.2% level at 0.9079. Alternatively, a turn below the 14.6% Fib at 0.8819 targets the January 24 low at 0.8659.

Entering long seems premature absent confirmation of a breakout on a daily closing basis. The short side seems even less compelling, demanding a thus-far baseless assumption of an intraday reversal downward. We will remain flat for now.

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dailyclassics_aud-usd_body_Picture_12.png, Forex: AUD/USD Technical Analysis – 0.90 Mark in the Crosshairs

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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