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AUD/USD Technical Analysis: Oscillating Around 0.93 Figure

AUD/USD Technical Analysis: Oscillating Around 0.93 Figure

2014-09-05 03:49:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support:0.9264, 0.9223, 0.9149
  • Resistance: 0.9358-76, 0.9434, 0.9504

The Australian Dollar continues to oscillate in a choppy range around the 0.93 figure against the US Dollar. A Bearish Engulfing candlestick pattern and a Shooting Star warn prices may be topping below resistance in the 0.9358-76 area, marked by an upward-sloping axis in play since early June and the 14.6% Fibonacci expansion. Near-term support is at 0.9264, a rising trend line set from April, with a break below that on a daily closing basis exposing the May 22 close at 0.9223. Alternatively, a move above resistance opens the door for a challenge of the 23.6% level at 0.9434.

A Shooting Star candle points to indecision and does not amount to an actionable trade signal without additional confirmation. With that in mind, we will remain on the sidelines for the time being.

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AUD/USD Technical Analysis: Oscillating Around 0.93 Figure

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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