AUD/USD Technical Analysis: Trying to Build Upside Push
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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 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.
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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.