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AUD/USD Technical Analysis: Indecision May Yield Bounce

AUD/USD Technical Analysis: Indecision May Yield Bounce

2014-12-09 23:41:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support:0.8263, 0.8137, 0.7934
  • Resistance:0.8364, 0.8466, 0.8592

The Australian Dollar may be readying to turn higher against its US counterpart as a Spinning Top candlestick points to indecision following a selloff. A daily close above the 50% Fibonacci expansion at 0.8364 exposes the 38.2% level at 0.8466. Alternatively, a reversal below the 61.8% Fib at 0.8263 opens the door for a challenge of the 76.4% expansion at 0.8137.

The Spinning Top candle is not a significant-enough signal to justify entering long by itself without further confirmation. Needless to say, entering short is unattractive from a risk/reward perspective given proximity to support. With that in mind, we will remain on the sidelines for now until a more attractive opportunity presents itself.

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AUD/USD Technical Analysis: Indecision May Yield Bounce

Daily Chart - Created Using FXCM Marketscope

--- 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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