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AUD/USD Technical Analysis – 0.95 Figure Under Pressure

AUD/USD Technical Analysis – 0.95 Figure Under Pressure

2014-07-02 00:09:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support:0.9471, 0.9444, 0.9409
  • Resistance: 0.9499, 0.9534, 0.9590

The Australian Dollar pushed aggressively higher against its US namesake, triggering the stop-loss on our AUDUSD short position from 0.9403. Buyers are testing resistance at 0.9499, the 61.8% Fibonacci expansion, with a daily close above this barrier exposing the 76.4% level at 0.9534. Alternatively, a reversal back below the 50% level at 0.9471 clears the way for a test of the 0.9444, the 38.2% Fib.

Risk/reward considerations argue against entering long with prices sitting squarely at relevant resistance. On the other hand, the absence of a defined bearish reversal signal suggests entering short is premature. We will remain flat for now, waiting for another trading opportunity to present itself.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

AUD/USD Technical Analysis – 0.95 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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