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AUD/USD Technical Analysis: Trying to Build Upside Push

AUD/USD Technical Analysis: Trying to Build Upside Push

Ilya Spivak, Head Strategist, APAC

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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.

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