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AUD/USD Technical Analysis: Bottoming Near 0.87 Figure?

AUD/USD Technical Analysis: Bottoming Near 0.87 Figure?

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • AUD/USD Technical Strategy: Short at 0.9186
  • Support:0.8665, 0.8406, 0.8246
  • Resistance:0.8826, 0.8955, 0.9112

The Australian Dollar may be readying to turn higher against its US counterpart after putting in a bullish Piercing Line candlestick pattern. A daily close above the 61.8% Fibonacci expansionat 0.8826 exposes the 50% level at 0.8955. Alternatively, a move below the 76.4% Fib at 0.8665 opens the door for a test of the 100% expansion at 0.8406.

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: Bottoming Near 0.87 Figure?

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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