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Talking Points:
- AUD/USD Technical Strategy: Short at 0.9186
- Support:0.8952, 0.8902, 0.8853
- Resistance: 0.9013, 0.9050, 0.9111
The Australian Dollar moved aggressively lower against its US counterpart once again, tumbling to the lowest level in six months. A daily close below the 38.2% Fibonacci expansion at 0.8952 exposes the 50% level at 0.8902. Alternatively, a reversal back above the 23.6% Fib at 0.9013 opens the door for a test of the 14.6% expansion at 0.9050.
We entered short AUDUSD at 0.9186 and have since taken profit on half ofour exposure. The rest remains open to capture further downside momentum with a stop-loss at breakeven (0.9186).
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
