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Forex: AUD/USD Technical Analysis – Trend Line Support in Focus

Forex: AUD/USD Technical Analysis – Trend Line Support in Focus

2014-03-20 23:54:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support: 0.9025 (23.6% Fib ret., trend line), 0.8955 (38.2% Fib ret.)
  • Resistance: 0.9138 (Mar 19 high)

The Australian may be readying to turn lower against its US counterpart after an expected recovery after prices completed a Bearish Engulfing candlestick pattern. A break below support at 0.9025, marked by the 23.6% Fibonacci retracement and a rising trend line set from early January exposes the 38.2% level at 0.8955. Near-term resistance is at 0.9138, the March 19 high.

Prices are too close to relevant support to justify a short position from a risk/reward perspective. On the other hand, entering a long trade looks premature absent a defined bullish reversal signal. We will continue to stand aside for now, waiting for a more attractive setup to present itself.

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dailyclassics_aud-usd_body_Picture_12.png, Forex: AUD/USD Technical Analysis – Trend Line Support in Focus

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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