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AUD/USD Technical Analysis: Aussie Snaps 4-Day Win Streak

AUD/USD Technical Analysis: Aussie Snaps 4-Day Win Streak

2014-11-17 22:56:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support:0.8620, 0.8531, 0.8441
  • Resistance:0.8743, 0.8869, 0.8970

The Australian Dollar stumbled after turning higher as expected against its US namesake following the appearance of a Bullish Engulfing candlestick pattern. Near-term resistance is at 0.8743, the 23.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 38.2% level at 0.8869. Alternatively, a turn back below the 0.8620-59 are marked by the January 2014 lowand the 38.2% Fib expansion clears the way for a test of the 50% threshold at 0.8531.

The available trading range is too narrow to allow for a trade on the long or short side from a risk/reward perspective. We will continue to stand aside for the time being, waiting for a more compelling opportunity to present itself.

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AUD/USD Technical Analysis: Aussie Snaps 4-Day Win Streak

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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