News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
AUD/USD Technical Analysis – Capped Below 0.94 Figure

AUD/USD Technical Analysis – Capped Below 0.94 Figure

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support: 0.9356 (channel bottom), 0.9318 (14.6% Fib exp.)
  • 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. Channel support is now at 0.9356, followed by the 14.6% Fib at 0.9318.

Prices are wedged too closely between near-term up- and down-side technical barriers to justify taking a trade at current levels from a risk/reward perspective. We will continue to wait on the sidelines for the time being.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

AUD/USD Technical Analysis – Capped Below 0.94 Figure

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.

DISCLOSURES