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Forex: AUD/USD Technical Analysis – Five-Day Win Streak Broken

Forex: AUD/USD Technical Analysis – Five-Day Win Streak Broken

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support: 0.9233 (50% Fib exp.), 0.9177 (38.2% Fib exp.)
  • Resistance: 0.9290 (61.8% Fib exp.), 0.9360 (76.4% Fib exp.)

The Australian Dollar put in a Shooting Star candlestick after five consecutive advances, hinting bullish momentum maybe ebbing and warning of a turn lower against the US Dollar. Near-term support is at 0.9233, the 50% Fibonacci expansion, with a break below that exposing the 38.2% level at 0.9177. Alternatively, a move through resistance at 0.9290 – the 61.8% Fib – targets the 76.4% expansion at 0.9360.

A Shooting Star candle is a sign of indecision and does not offer an actionable trade signal by itself. Furthermore, prices are too close to near-term support to justify entering short from a risk/reward perspective. We will continue to stand aside for now, waiting for confirmation of reversal to look for entry opportunities.

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dailyclassics_aud-usd_body_Picture_12.png, Forex: AUD/USD Technical Analysis – Five-Day Win Streak Broken

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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