AUD/USD Technical Analysis – Topping Signs Emerge Anew
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- AUD/USD Technical Strategy: Flat
- Support:0.9422, 0.9324, 0.9223
- Resistance: 0.9507, 0.9602, 0.9696
The Australian Dollar may be topping having tested the 0.95 figure against its US namesake as prices show a Dark Cloud Cover candlestick pattern. Near-term support is at 0.9422, marked by a recently broken range top set from early April and a rising trend line established from late May. A break below this barrier on a daily closing basis exposes a horizontal pivot at 0.9324. Alternatively, a push through resistance at 0.9507, the 38.2% Fibonacci expansion, clears the way for a test of the 50% level at 0.9602.
Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal argues against taking up the long side. We will remain flat for now.
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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.