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AUD/USD Technical Analysis: Resistance Met Below 0.88

AUD/USD Technical Analysis: Resistance Met Below 0.88

2014-11-12 23:30:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support:0.8659, 0.8531, 0.8441
  • Resistance:0.8743, 0.8869, 0.8970

The Australian Dollar advanced as expected against its US counterpart after prices put in a Bullish Engulfing candlestick pattern. A daily close above the 23.6% Fibonacci retracementat 0.8743 exposes the 38.2% level at 0.8869. Alternatively, a reversal back below the January 2014 lowat 0.8659 opens the door for a challenge of the 50% Fib expansion at 0.8531.

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.

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AUD/USD Technical Analysis: Resistance Met Below 0.88

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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