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Forex: AUD/USD Technical Analysis – Key Support Level Threatened

Forex: AUD/USD Technical Analysis – Key Support Level Threatened

2014-03-12 00:43:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support: 0.8952 (38.2% Fib ret., trend line), 0.8896 (50% Fib ret.)
  • Resistance: 0.9021 (23.6% Fib ret.), 0.9085 (Jan 13 high)

The Australian Dollar has turned lower against its US counterpart expected after prices showed a Shooting Star candlestick below resistance in the 0.9085, the January 13 high. Support at 0.8952, the 38.2% Fibonacci retracement, a barrier reinforced by a rising trend line set from late January. A daily close beneath this level exposes the 50% Fib at 0.8896. Alternatively, a turn above the 23.6% level at 0.9021 aims for 0.9085 anew.

Prices are too close to relevant support to justify a short position from a risk/reward perspective, while a viable reversal signal arguing in favor of a long trade is absent. We will remain on the sidelines for now until a more actionable setup presents itself.

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dailyclassics_aud-usd_body_Picture_12.png, Forex: AUD/USD Technical Analysis – Key Support Level Threatened

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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