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AUD/USD Technical Analysis: Wedge Setup Hints at Gains

AUD/USD Technical Analysis: Wedge Setup Hints at Gains

2014-08-13 22:48:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support:0.9282, 0.9240, 0.9213
  • Resistance: 0.9308, 0.9351, 0.9386

The Australian Dollar may be preparing to launch an upward reversal against its US counterpart as prices trace out a Falling Wedge chart formation. Near-term resistance is at 0.9308, marked by intersection of the Wedge top and the 23.6% Fibonacci expansion. A break above that on a daily closing basis exposes the 38.2% level at 0.9351. Alternatively, a turn below the 14.6% Fib at 0.9282 opens the door for a challenge of rising trend line support at 0.9240.

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

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AUD/USD Technical Analysis: Wedge Setup Hints at Gains

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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