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AUD/USD Technical Analysis: Trying to Clear Path Below 0.84

AUD/USD Technical Analysis: Trying to Clear Path Below 0.84

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support:0.8466, 0.8364, 0.8263
  • Resistance:0.8592, 0.8669, 0.8795

The Australian Dollar is attempting to accelerate downward against its US namesake as prices dip to the lowest level in four years. Near-term support is at 0.8466, the 38.2% Fibonacci expansion, with a break below that on a daily closing basis exposing the 50% level at 0.8364. Alternatively, a turn above the 0.8552-92 area marked by the November 6 low and the 23.6% Fib clears the way for a test of the 0.8659-69 zone (January 2014 low, 14.6% expansion).

While prices are testing below support, confirmation of a breakout on a daily closing basis is absent for the time being. As such, we will remain on the sidelines until an actionable opportunity presents itself.

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

AUD/USD Technical Analysis: Trying to Clear Path Below 0.84

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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