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Forex: AUD/USD Technical Analysis – Topping Out Below 0.91?

Forex: AUD/USD Technical Analysis – Topping Out Below 0.91?

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support: 0.9048 (38.2% Fib exp.), 0.8987 (23.6% Fib exp.)
  • Resistance: 0.9085-98 (Jan 13 high, 50% Fib exp.), 0.9147 (61.8% Fib exp.)

The Australian Dollar may be losing upside momentum after last week’s surge and preparing to reverse lower against its US counterpart after prices produced a Shooting Star candlestick. A break below the 38.2% Fibonacci expansion at 0.9048 on a daily closing basis exposes the 23.6% level at 0.8987. Alternatively, a reversal through resistance in the 9085-98 area marked by the 50% Fib and the January 13 high targets the 61.8% expansion at 0.9147.

A Shooting Star is not an actionable trade signal in and of itself and confirmation is required on a break of support as a precondition before a viable trade setup can be identified. We will continue to stand aside for now.

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 – Topping Out Below 0.91?

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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