AUD/USD Technical Analysis: Profits Taken on Short Trade
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- AUD/USD Technical Strategy: Flat
- Support:0.8821, 0.8752, 0.8659
- Resistance:0.8887, 0.8932, 0.9021
The Australian Dollar advanced against its US namesake as expected after putting in a bullish Piercing Line candlestick pattern. Near-term support-turned-resistance is at 0.8887, the March 3 low, with a break above that on a daily closing basis exposing the 38% Fibonacci retracementat 0.8933. Alternatively, a reversal below the 23.6% Fib at 0.8821 clears the way for a test of the 14.6% level at 0.8752
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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.