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AUD/USD Technical Analysis: Pivotal Support Vulnerable

AUD/USD Technical Analysis: Pivotal Support Vulnerable

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • AUD/USD Technical Strategy: Short at 0.9186
  • Support:0.8659, 0.8406, 0.8246
  • Resistance:0.8826, 0.8955, 0.9112

The Australian Dollar has set its sights on a critical inflection point above the 0.86 figure against its US counterpart. Near-term support is in the 0.8659-65 area, marked by the January 24 low and the 76.4% Fibonacci expansion. A break below that on a daily closing basis exposes the 100% level at 0.8406. Alternatively, a turn back above the 61.8% Fib at 0.8826 clears the way for a challenge of the 50% expansion at 0.8955.

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: Pivotal Support Vulnerable

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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