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AUD/USD Technical Analysis: Topping at Channel Resistance?

AUD/USD Technical Analysis: Topping at Channel Resistance?

2014-08-31 23:24:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support:0.9310, 0.9270, 0.9239-45
  • Resistance: 0.9369, 0.9401, 0.9440

The Australian Dollar may be topping against its US namesake after prices put in a Bearish Engulfing candlestick formation. Near-term support is at 0.9310, marked by a rising trend line set from late August and the 23.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 38.2% level at 0.9270. Alternatively, a reversal above the intersection of the 50% Fib retracement and a falling channel top at 0.9369 opens the door for a challenge of the 61.8% threshold at 0.9401.

Risk/reward considerations argue against entering short with prices 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.

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

AUD/USD Technical Analysis: Topping at Channel Resistance?

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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