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AUD/USD Technical Analysis: Support Now Seen Below 0.88

AUD/USD Technical Analysis: Support Now Seen Below 0.88

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • AUD/USD Technical Strategy: Short at 0.9186
  • Support:0.8792, 0.8693, 0.8595
  • Resistance:0.8853, 0.8902, 0.8952

The Australian Dollar remains under heavy selling pressure against its US counterpart, falling for a third consecutive day to hit an eight-month low. Near-term support is at 0.8792, the 76.4% Fibonacci expansion, with a break below that on a daily closing basis exposing the 100% level at 0.8693. Alternatively, a turn back above the 61.8% Fib at 0.8853 clears the way for a challenge of the 50% expansion at 0.8902.

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: Support Now Seen Below 0.88

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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