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Forex: AUD/USD Technical Analysis – Progress Made on Short Trade

Forex: AUD/USD Technical Analysis – Progress Made on Short Trade

2014-02-27 04:06:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • AUD/USD Technical Strategy: Short at 0.90
  • Support: 0.8919 (14.6% Fib exp.), 0.8821 (23.6% Fib exp.)
  • Resistance: 0.9051-85 (Jan 13 close and high)

We sold the Australian Dollar after prices put in a bearish Evening Star candle formation, hinting the currency may be carving out a top in the 0.9051-85 area against its US counterpart (marked by the January 13 closing and swing highs). Negative RSI divergence bolsters the case for further weakness.

Prices are attempting to make downside progress once again and we will remain short, initially looking for a daily close below the 14.6% Fibonacci expansion at 0.8919. If that were to materialize, we will aim for the next objective at 0.8821, marked by the 23.6% level. A stop-loss will be activated on a close above 0.9085.

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dailyclassics_aud-usd_body_Picture_12.png, Forex: AUD/USD Technical Analysis – Progress Made on Short Trade

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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