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AUD/USD Technical Analysis: Still Looking for Direction

AUD/USD Technical Analysis: Still Looking for Direction

2014-10-23 23:05:00
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.

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AUD/USD Technical Analysis: Still Looking for Direction

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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