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Bank of England Tapers QE Purchases, leaves Bank Rate & APF Target Unchanged

AUD/USD Technical Analysis: Aussie Consolidation Continues

AUD/USD Technical Analysis: Aussie Consolidation Continues

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support:0.8659, 0.8568, 0.8466
  • Resistance:0.8845, 0.8971, 0.9073

The Australian Dollar is struggling to build upward against its US namesake after putting in a bullish Piercing Line candlestick pattern. A daily close above the 23.6% Fibonacci expansion at 0.8845 exposes the 38.2% Fib retracement at 0.8971. Alternatively, a turn below the 0.8659-94 area marked by the January 2014 low and the 23.6% expansion opens the door for a challenge of the 38.2% threshold at 0.8568.

Positioning remains inconclusive. The Piercing Line pattern hints a bottom may be set but upside follow-through has been absent, casting doubt on the setup’s potency. We will remain flat for now until greater clarity emerges.

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

AUD/USD Technical Analysis: Aussie Consolidation Continues

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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