AUD/USD Technical Analysis – 0.94 Figure Under Pressure
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- 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.
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.