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AUD/USD Technical Analysis – 0.95 Figure Under Pressure

AUD/USD Technical Analysis – 0.95 Figure Under Pressure

Ilya Spivak, Head Strategist, APAC

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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.

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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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