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AUD/USD Technical Analysis: Aussie Jumps Most in 2 Weeks

AUD/USD Technical Analysis: Aussie Jumps Most in 2 Weeks

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • AUD/USD Technical Strategy: Short at 0.9186
  • Support:0.9081, 0.9044, 0.8983
  • Resistance: 0.9142, 0.9192, 0.9241

The Australian Dollar launched a swift recovery against its US namesake following news of an increase in Chinese monetary stimulus. Near-term resistance is now at 0.9142, the 38.2% Fibonacci retracement, with a break above that on a daily closing basis exposing 0.9185-92 area marked by a falling channel bottom and the 50% level. Alternatively, a turn back below the 23.6% Fib at 0.9081 clears the way for a challenge of the 14.6% retracement at 0.9044.

We sold AUDUSD at 0.9186 and have since taken profit on half ofour exposure. The rest remains open to capture reneweddownside momentum. The stop-loss has been adjusted to breakeven (0.9186).

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

AUD/USD Technical Analysis: Aussie Jumps Most in 2 Weeks

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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