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AUD/USD Technical Analysis: Bulls Fail to Breach 0.94 Again

AUD/USD Technical Analysis: Bulls Fail to Breach 0.94 Again

2014-09-08 23:14:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support:0.9265, 0.9223, 0.9149
  • Resistance: 0.9381, 0.9434, 0.9504

The Australian Dollar recoiled downward against its US counterpart after testing the 0.94 figure once again. Near-term trend line support is at 0.9265, with a break below that on a daily closing basis exposing a long-standing range floor at 0.9223. Alternatively, a move above upward-sloping axis resistance at 0.9381 opens the door for a challenge of the 23.6% Fibonacci expansion at 0.9434.

Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. With that in mind we will remain flat for now.

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AUD/USD Technical Analysis: Bulls Fail to Breach 0.94 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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