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AUD/USD Technical Analysis: Aussie Recovery Hinted Ahead

AUD/USD Technical Analysis: Aussie Recovery Hinted Ahead

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 preparing to turn higher against its US counterpart following the appearance of a Bullish Engulfing candlestick pattern. A daily close above support-turned-resistance marked by the January 2014 lowat 0.8659 exposes the 23.6% Fibonacci retracement at 0.8743. Alternatively, a reversal below the 50% Fib expansion at 0.8531 opens the door for a challenge of the 61.8% threshold at 0.8441.

Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now, waiting for a more actionable opportunity to present itself.

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

AUD/USD Technical Analysis: Aussie Recovery Hinted Ahead

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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