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AUD/USD Technical Analysis – 0.94 Figure Under Pressure

AUD/USD Technical Analysis – 0.94 Figure Under Pressure

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • AUD/USD Technical Strategy: Short at 0.9328
  • Support: 0.9300, 0.9201 (23.6% Fib exp.)
  • Resistance: 0.9408 (May 14 high), 0.9460 (Apr 10 high)

The Australian Dollar is testing 0.94 against the US Dollar once again after rebounding from support above the 0.92 figure. A Shooting Star warns of indecision and hints a turn lower may be ahead. A daily close below the 0.93 mark exposes the 23.6% Fibonacci expansion at 0.9201. Alternatively, a break above the May 14 high at 0.9408 clear the way for a challenge of the April 10 peak at 0.9460.

We sold AUDUSD at 0.9328, initially targeting 0.9201. A stop-loss is set to trigger on a daily close above 0.9408. We will book profit on half of the position at 0.9201 and trail the stop-loss to breakeven.

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

AUD/USD Technical Analysis – 0.94 Figure Under Pressure

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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