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Forex: AUD/USD Technical Analysis – Double Top Possibility Remains

Forex: AUD/USD Technical Analysis – Double Top Possibility Remains

2014-02-18 04:52:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • AUD/USD Technical Strategy: Short at 0.90
  • Support: 0.8906 (14.6% Fib exp.), 0.8807 (23.6% Fib exp.)
  • Resistance: 0.9051-85 (Jan 13 close and high, possible double top)

We entered short AUD/USD last week after prices put in a bearish Evening Star candle formation, hinting a double top may be in place in the 0.9051-85 area (marked by the January 13 closing and swing highs). As of now, the pair continues to hover below this barrier, offering no follow-through on reversal or a clear invalidation of its possibility.

On balance, we will continue to hold short for now. The initial objective remains at 0.8906, the 14.6% Fibonacci expansion. Breaking below this boundary on a daily closing basis exposes the 23.6% level at 0.8807. A stop-loss will be activated on a daily close above 0.9085.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

dailyclassics_aud-usd_body_Picture_12.png, Forex: AUD/USD Technical Analysis – Double Top Possibility Remains

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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