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Forex: AUD/USD Technical Analysis – Topping May Be in Progress

Forex: AUD/USD Technical Analysis – Topping May Be in Progress

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support: 0.9233 (50% Fib exp.), 0.9132-51 (Mar 7 high, 23.6% Fib ret.)
  • Resistance: 0.9290 (61.8% Fib exp.), 0.9360 (76.4% Fib exp.)

The Australian Dollar may be readying to reverse lower against its US counterpart after putting in a Shooting Star candlestick below the 0.93 figure. Negative RSI divergence bolsters the case for a downside scenario. A daily close below support at 0.9233, the 50% Fibonacci expansion, exposes the 0.9132-51 are marked by the 23.6% Fib retracement and the March 7 high. Near-term resistance is at 0.9290, the 61.8% expansion, with a move above that targeting the 76.4% mark 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.

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dailyclassics_aud-usd_body_Picture_12.png, Forex: AUD/USD Technical Analysis – Topping May Be in Progress

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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