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AUD/USD Technical Analysis – Rally Loses Steam Below 0.94

AUD/USD Technical Analysis – Rally Loses Steam Below 0.94

2014-05-12 22:08:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support: 0.9318 (14.6% Fib exp., channel bottom), 0.9229
  • Resistance: 0.9390 (23.6% Fib exp.), 0.9460-0.9507 (Apr 10 high, 38.2% Fib exp.)

The Australian Dollar is attempting to launch the next leg of an advance started in late January after bouncing from rising channel support. Prices are testing resistance at 0.9390, the 23.6% Fibonacci expansion, with a break above that exposing the 0.9460-0.9507 area marked by the April 10 high and the 38.2% level. Support is at 0.9318, the 14.6% Fib, followed by a rising channel bottom at 0.9296.

Prices are too close to relevant resistance to justify a long position from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal warns against taking up the short side. With that in mind, we will continue to wait on the sidelines for the time being.

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AUD/USD Technical Analysis – Rally Loses Steam Below 0.94

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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