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AUD/USD Technical Analysis: Looking to Sell After Bounce

AUD/USD Technical Analysis: Looking to Sell After Bounce

2014-08-25 00:00:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support:0.9282, 0.9244, 0.9212
  • Resistance: 0.9345, 0.9373, 0.9401

The Australian Dollar has entered consolidation mode after bouncing upward against its US namesake, as expected. A daily close below support at 0.9282, the 23.6% Fibonacci expansion, exposes the intersection of the 38.2% level and a rising trend line set from early April. Alternatively, a reversal above the August 19 high at 0.9345 clears the way for a test of the August 6 peak at 0.9373.

Positioning is inconclusive at this point, with prices offering no actionable trade signal. Positive RSI divergence hints further gains may be ahead however. We will remain on the sidelines and look to a bounce as a selling opportunity in line with the downward trajectory carved out from the July 1 high.

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AUD/USD Technical Analysis: Looking to Sell After Bounce

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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