AUD/USD Technical Analysis – Buyers Retreat from 0.95

By DailyFx | July 07, 2014 AAA

DailyFX.com -

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support:0.9305, 0.9223, 0.9181
  • Resistance: 0.9422, 0.9507, 0.9602

The Australian Dollar turned downward against its US counterpart as expected after the pair produced a Dark Cloud Cover candlestick pattern. Support lines up in the 0.9305-24 area, marked by a horizontal pivot in play since March and the 23.6% Fibonacci retracement. A break below that on a daily closing basis exposes the 0.9181-223 zone, bracketed by a range bottom and the 38.2% level. Alternatively, a reversal above support-turned-resistance at 0.9422 opens the door for a test of the 38.2% Fib expansion at 0.9507.

Risk/reward considerations argue against entering short with prices sitting in close proximity to support. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. We will remain flat for now.

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

AUD/USD Technical Analysis – Buyers Retreat from 0.95

Daily Chart - Created Using FXCM Marketscope 2.0

comments powered by Disqus
Related Forex Analysis
  1. SEB: EUR/USD sellers just above resistance - eFXnews
    Forex News

    SEB: EUR/USD sellers just above resistance - eFXnews

  2. USD/JPY shows another attempt to reach recent highs
    Forex News

    USD/JPY shows another attempt to reach recent highs

  3. EUR/GBP testing the range bottom before the UK data
    Forex News

    EUR/GBP testing the range bottom before the UK data

  4. What’s the sentiment around the EUR/USD today? – OCBC Bank and Scotiabank
    Forex News

    What’s the sentiment around the EUR/USD today? – OCBC Bank and Scotiabank

  5. GBP/USD attacks 1.63 area again
    Forex News

    GBP/USD attacks 1.63 area again

Trading Center