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AUD/USD Technical Analysis: 2014 Low in the Crosshairs

AUD/USD Technical Analysis: 2014 Low in the Crosshairs

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 fell for a third consecutive day, with prices sliding to the lowest level in eight months against its US counterpart. A daily close below the 0.8659-65 area marked by the January 24 low and the 76.4% Fibonacci expansion exposes the 100% level at 0.8406. Alternatively, a reversal back above the 61.8% Fib at 0.8826 opens the door for a test of the 50% expansion at 0.8955.

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 0.9085, our initial objective.

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

AUD/USD Technical Analysis: 2014 Low in the Crosshairs

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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