Forex: AUD/USD Technical Analysis – Topping Below 0.93 Figure?
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- 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.)
A Shooting Star candlestick hints the Australian Dollar may be in the process of carving out a top against its US counterpart. Breaking below initial support is at 0.9233, the 50% Fibonacci expansion, on a daily closing basis exposes the 38.2% level at 0.9177. Alternatively, a break above resistance at 0.9290 – the 61.8% Fib – targets the 76.4% expansion at 0.9360.
A Shooting Star candle represents indecision and is not an actionable short trade signal in its own right absent confirmation. With that in mind, we will continue to stand aside for now until prices offer greater directional clarity.
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.