AUD/USD Technical Analysis: Aussie Rebound Hinted Ahead
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- AUD/USD Technical Strategy: Short at 0.9186
- Support:0.8652, 0.8544, 0.8457
- Resistance:0.8821, 0.8887, 0.8932
The Australian Dollar may be preparing to turn higher against its US namesake after prices put in a bullish Piercing Line candlestick pattern. Near-term resistance is at 0.8821, the 23.6% Fibonacci retracement, with a break above that on a daily closing basis exposing support-turned-resistance marked by March 3 low at 0.8887. Alternatively, a reversal below the 8652-59 area bracketed by the January 24 low and the 23.6% Fib expansion exposes the 38.2% threshold at 0.8544.
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