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AUD/USD Technical Analysis – Critical Resistance Below 0.94

AUD/USD Technical Analysis – Critical Resistance Below 0.94

2014-06-01 22:55:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • AUD/USD Technical Strategy: Short at 0.9328
  • Support: 0.9201 (channel floor, 23.6% Fib exp.), 0.9041 (38.2% Fib exp.)
  • Resistance: 0.9361 (channel top), 0.9408 (May 14 high)

The Australian Dollar fell as expected against its US counterpart after prices took out the bottom of a rising channel set from late January. A rebound back above 0.93 appears corrective for now. Near-term support is at 0.9201, the 23.6% Fibonacci expansion, with a break below that targeting the 38.2% level at 0.9041. Falling channel resistance is at 0.9361, followed by the May 14 high at 0.9408.

We entered short AUDUSD at 0.9328, targeting0.9201 as the initial objective. A stop-loss will be activated on a daily close above 0.9408. We will take profit on half of the trade at the first target and trail the stop-loss to the breakeven level.

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AUD/USD Technical Analysis – Critical Resistance 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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