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AUD/USD Technical Analysis: Sellers Challenge Range Floor

AUD/USD Technical Analysis: Sellers Challenge Range Floor

2014-07-30 23:50:00
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 to break lower against its US namesake as expected after putting in a bearish Dark Cloud Cover candlestick pattern. Support lines up in the 0.9324-44 area, marked by a horizontal pivot in play since March and the 14.6% Fibonacci expansion. A break below that on a daily closing basis exposes the 0.9223-45 zone, bracketed by a range bottom and the 38.2% level. Alternatively, reversing above support-turned-resistance at 0.9422 opens the door for a challenge of the July 1 high at 0.9504.

Risk/reward considerations argue against entering short with prices trading in close proximity to support. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. We will remain flat for now.

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AUD/USD Technical Analysis: Sellers Challenge Range Floor

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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