AUD/USD Technical Analysis: Short Position Still in Play
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- AUD/USD Technical Strategy: Short at 0.9186
- Support:0.8826, 0.8665, 0.8406
- Resistance:0.8955, 0.9112, 0.9208
The Australian Dollar managed an upward correction after sliding to the weakest level in eight months against its US namesake. A daily close below the 61.8% Fibonacci expansionat 0.8826 exposes the 76.4% level at 0.8665. Alternatively, a reversal back above the 50% Fib at 0.8955 opens the door for a test of the 0.9085-9112 area, marked by the 38.2% expansion and the September 16 high.
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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.