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AUD/USD Technical Analysis: Profits Taken on Short Trade

AUD/USD Technical Analysis: Profits Taken on Short Trade

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • 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

We sold AUDUSD at 0.9186 and have since taken profit on half ofour exposure. We will now exit the rest of the trade and wait for new selling opportunities to emerge.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

AUD/USD Technical Analysis: Profits Taken on Short Trade

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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