News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
AUD/USD Technical Analysis: Rally Runs Into Resistance

AUD/USD Technical Analysis: Rally Runs Into Resistance

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

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.

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

AUD/USD Technical Analysis: Rally Runs Into Resistance

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.

DISCLOSURES