AUD/USD Technical Analysis: Bulls Fail to Breach 0.94 Again
To receive Ilya's analysis directly via email, please SIGN UP HERE
- 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.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
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.