Skip to content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
AUD/USD Technical Analysis: Aussie Touches 2-Week High

AUD/USD Technical Analysis: Aussie Touches 2-Week High

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

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 yet to confirm a break higher on a daily closing basis. 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 Touches 2-Week High

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.

DISCLOSURES