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AUD/USD Technical Analysis: Probing Below 0.93 Mark Again

AUD/USD Technical Analysis: Probing Below 0.93 Mark Again

2014-08-20 00:51:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support:0.9301, 0.9277, 0.9263
  • Resistance: 0.9340, 0.9371, 0.9403

The Australian Dollar advanced as expected against its US counterpart, confirming the formation of a Falling Wedge chart pattern. Near-term resistance is at 0.9340, the 38.2% Fibonacci retracement, with a break above that on a daily closing basis exposing the 50% level at 0.9371. Alternatively, a reversal below the 23.6% Fib at 0.9301 clears the way for a test of the 14.6% level at 0.9277.

We are tactically opting not to pursue a long position as topping cues in the S&P 500 warn of oncoming risk aversion that may sink the sentiment-sensitive Australian unit. Indeed, the correlation between the stock index and AUD/USD is now 0.71 (on rolling 20-day studies).

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

AUD/USD Technical Analysis: Probing Below 0.93 Mark Again

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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