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AUD/USD Technical Analysis: Resistance Sub-0.89 at Risk

AUD/USD Technical Analysis: Resistance Sub-0.89 at Risk

2014-10-29 00:04:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support:0.8659, 0.8568, 0.8466
  • Resistance:0.8887, 0.8971, 0.9073

The Australian Dollar remains range-bound as prices struggle to make good on a bullish Piercing Line candlestick pattern. Near-term support-turned-resistance is at 0.8887, the March 2014 low, with a break above that on a daily closing basis exposing the 38.2% Fibonacci retracement at 0.8971. Alternatively, a turn below the 0.8659-94 area marked by the January 2014 low and the 23.6% Fib expansion clears the way for a test of the 38.2% threshold at 0.8568.

Positioning is inconclusive at this point. On one hand, the bottoming implications of the Piercing Line pattern remain intact. On the other, follow-through has been noticeably absent, casting doubt on the signal’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: Resistance Sub-0.89 at Risk

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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