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