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Forex: AUD/USD Technical Analysis – Turn Lower Hinted Near 0.93

Forex: AUD/USD Technical Analysis – Turn Lower Hinted Near 0.93

2014-04-07 23:30:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support: 0.9205 (Apr 3 low), 0.9132-45 (Mar 7 high, trend line)
  • Resistance: 0.9303 (Apr 1 high, 23.6% Fib exp.), 0.9363 (38.2% Fib exp.)

The Australian Dollar continues to hover in familiar territory near 0.93 to the US Dollar but negative RSI divergence warns of a turn lower ahead. Initial support is at 0.9205, the April 3 low, with a break below that targeting the 0.9132-46 area marked by the March 7 high and a rising trend line set from late January. Alternatively, a daily close above resistance at 0.9303, the 23.6% Fibonacci expansion, exposes the 38.2% level at 0.9363.

Current positioning doesn’t offer an actionable trade setup. We will remain on the sidelines for the time being, waiting for the current consolidation range to give way to a better-defined directional breakout.

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dailyclassics_aud-usd_body_Picture_12.png, Forex: AUD/USD Technical Analysis – Turn Lower Hinted Near 0.93

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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