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AUD/USD Technical Analysis: Sellers Pierce 0.93 Mark Anew

AUD/USD Technical Analysis: Sellers Pierce 0.93 Mark Anew

2014-09-03 00:32:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support:0.9270, 0.9239-46, 0.9207
  • Resistance: 0.9310-22, 0.9369, 0.9440

The Australian Dollar turned downward against its US namesake as expected after prices put in a Bearish Engulfing candlestick pattern. Near-term support is at 0.9270, the 38.2% Fibonacci expansion, with a break below that on a daily closing basis exposing the 0.9239-46 area marked by the 50% level and a rising trend line set from early April.

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.

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AUD/USD Technical Analysis: Sellers Pierce 0.93 Mark Anew

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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