News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
AUD/USD Technical Analysis: Trying to Build Upside Push

AUD/USD Technical Analysis: Trying to Build Upside Push

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • 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 moved higher as expected against its US counterpart after producing a bullish Piercing Line candlestick pattern. A daily close above the 23.6% Fibonacci retracementat 0.8821 exposes support-turned-resistance marked by March 3 low at 0.8887. Alternatively, a turn below the 8652-59 area marked by the January 24 low and the 23.6% Fib expansion opens the door for a challenge of the 38.2% threshold at 0.8544.

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: Trying to Build Upside Push

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.

DISCLOSURES