Forex: AUD/USD Technical Analysis – Weakness Hinted Below 0.93
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- 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 carving out a top against its US namesake after prices produced a Shooting Star candlestick below the 0.93 figure. Negative RSI divergence reinforces the probability losses ahead. A break below 0.9233, the 50% Fibonacci expansion, targets a support cluster marked by the 23.6% Fib retracement and the March 7 high in the 0.9132-51 area. Resistance is at 0.9290, the 61.8% expansion, with a push above that exposing the 76.4% level 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.