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AUD/USD Technical Analysis: Looking for Defined Breakout

AUD/USD Technical Analysis: Looking for Defined Breakout

2014-07-29 22:23:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support:0.9324-44, 0.9223-45, 0.9085
  • Resistance: 0.9460, 0.9504, 0.9600

The Australian Dollar is struggling to form a top against its US counterpart after showing a bearish Dark Cloud Cover candlestick pattern. A daily close below support in the 0.9324-44 area, marked by a horizontal pivot in play since March and the 14.6% Fibonacci expansion, initially exposes the 0.9223-45 zone, bracketed by a range bottom and the 38.2% level. Alternatively, a turn above the April 10 high at 0.9460 clears the way for a test of the July 1 top at 0.9504.

Positioning is inconclusive for the time being. Bearish cues remain but follow-through has been absent. We will wait on the sidelines until an actionable opportunity with greater potential for follow-through presents itself.

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

AUD/USD Technical Analysis: Looking for Defined Breakout

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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