AUD/USD Technical Analysis: Eyeing Resistance Above 0.88
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- 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 rebounded as expected against its US counterpart after producing a bullish Piercing Line candlestick pattern. Near-term resistance is at 0.8826, the 61.8% Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 0.8955. Alternatively, a turn below the 0.8659-65 area marked by the January 24 low and the 76.4% Fib clears the way for a challenge of the 100% expansion at 0.8406.
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 0.9085, our initial objective.
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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.