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AUD/USD Technical Analysis: Double Bottom Taking Shape?

AUD/USD Technical Analysis: Double Bottom Taking Shape?

2015-04-06 22:16:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support: 0.7559, 0.7421, 0.7262
  • Resistance:0.7733, 0.7912, 0.8058

The Australian Dollar may be starting to form a double bottom above the 0.75 figure against its US namesake. A daily close above the 14.6% Fibonacci retracementat 0.7733 exposes the 0.7857-7912 area (23.6% level, February 26 high).Alternatively, a reversal below the March 11 low at 0.7559opens the door for a test of the 38.2% Fib expansion at 0.7421.

On one hand, an actionable bullish reversal signal is absent at this point. On the other, the upcoming RBA monetary policy announcement threatens to trigger volatility that significantly alters technical positioning. With that in mind, we will remain on the sidelines for now.

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

AUD/USD Technical Analysis: Double Bottom Taking Shape?

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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