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Forex: AUD/USD Technical Analysis – Trend Line Marks Resistance

Forex: AUD/USD Technical Analysis – Trend Line Marks Resistance

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support: 0.8918 (23.6% Fib ret.), 0.8819 (14.6% Fib)
  • Resistance: 0.8974 (trend line), 0.9079 (38.2% Fib ret.)

The Australian Dollar advanced against its US counterpart as expected after producing a bullish Piercing Line candlestick pattern. Prices overcame resistance at 0.8918, the 23.6% Fibonacci retracement, to challenge a falling trend line set from early December (now at 0.8974). A break above this barrier on a daily closing basis targets the 38.2% Fib at 0.9079. Alternatively, a move back below 0.8918 aims for the 14.6% retracement at 0.8819.

Risk/reward considerations argue against taking a trade at current levels with prices wedged tightly between relevant near-term support and resistance levels. We will opt to stand aside for now, waiting for the pair to yield a more attractive setup.

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dailyclassics_aud-usd_body_Picture_12.png, Forex: AUD/USD Technical Analysis – Trend Line Marks Resistance

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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