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AUD/USD Technical Analysis – Topping Cues Still Intact

AUD/USD Technical Analysis – Topping Cues Still Intact

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support:0.9314, 0.9201 (23.6% Fib exp.)
  • Resistance: 0.9460 (Apr 10 high), 0.9548 (channel floor)

The Australian Dollar bounced from support after the FOMC policy announcement but a bearish Dark Cloud Cover pattern hints at topping ahead. Initial support is at 0.9314, with a break below that on a daily closing basis targeting the 23.6% Fibonacci expansion at 0.9201. Near-term resistance is at 0.9460, the April 10 high. A reversal above that aims for rising channel bottom support-turned-resistance at 0.9548.

Prices are too close to near-term support to justify entering short from a risk/reward perspective. Furthermore, it seems prudent not to initiate new exposure in a USD-based or sentiment-sensitive currency pair ahead of tomorrow’s pivotal FOMC policy announcement. With that in mind, we will stand aside for now.

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AUD/USD Technical Analysis – Topping Cues Still Intact

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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