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AUD/USD Technical Analysis: Short Position Still in Play

AUD/USD Technical Analysis: Short Position Still in Play

2014-09-24 19:57:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • 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.

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).

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

AUD/USD Technical Analysis: Short Position Still in Play

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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