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AUD/USD Technical Analysis: Aussie Rallies Most in 2 Weeks

AUD/USD Technical Analysis: Aussie Rallies Most in 2 Weeks

2015-05-14 05:03:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support: 0.8057, 0.7993, 0.7885
  • Resistance:0.8121, 0.8200, 0.8328

The Australian Dollar moved swiftly higher against its US counterpart, producing the largest daily advance in two weeks. A daily close above the 61.8% Fibonacci expansion at 0.8121 exposes the 76.4% level at 0.8200. Alternatively, a reversal below the 50% Fib at 0.8057 clears the way for a challenge of the 38.2% expansion at 0.7993.

Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now, waiting for an actionable opportunity to present itself.

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

AUD/USD Technical Analysis: Aussie Rallies Most in 2 Weeks

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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