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AUD/USD Technical Analysis: Bottom Set Above 0.85 Mark?

AUD/USD Technical Analysis: Bottom Set Above 0.85 Mark?

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support:0.8479, 0.8377, 0.8251
  • Resistance:0.8581, 0.8659, 0.8772

The Australian Dollar may be gearing up for a recovery against its US namesake after putting in a Bullish Engulfing candlestick pattern. Near-term resistance is at 0.8659, the January 2014 low, with a break above that on a daily closing basis exposing the 23.6% Fibonacci retracement at 0.8743. Alternatively, a turn below the 50% Fib expansion at 0.8531 clears the way for a test of the 61.8% threshold at 0.8441.

Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind we will remain flat for now.

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

AUD/USD Technical Analysis: Bottom Set Above 0.85 Mark?

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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