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AUD/USD Technical Analysis: Rally Runs Into Resistance

AUD/USD Technical Analysis: Rally Runs Into Resistance

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support:0.8772, 0.8659, 0.8568
  • Resistance:0.8845, 0.8971, 0.9073

The Australian Dollar ran into resistance after rising as expected against its US counterpart following the appearance of a Piercing Line candlestick pattern. A daily close below the 14.6% Fibonacci expansion at 0.8772 exposes the 0.8659-94 area marked by the January 2014 low and the 23.6% level. Alternatively, a turn above the 23.6% Fib retracement at 0.8845 opens the door for a challenge of the 38.2% threshold at 0.8971.

We booked profits on a short AUDUSD position earlier in the week and will look to re-enter the trade in line with the longer-term down trend. An actionable signal suggesting the correction has run its course is absent for now however and we will remain on the sidelines in the interim.

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AUD/USD Technical Analysis: Rally Runs Into Resistance

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.