AUD/USD Technical Analysis – Double Top Signaled Sub-0.95

By DailyFx | Updated July 30, 2014 AAA

DailyFX.com -

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

Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support:0.9314, 0.9201 (23.6% Fib exp.)
  • Resistance: 0.9460 (Apr 10 high), 0.9538 (channel floor)

The Australian Dollar may be carving out a double top against its US counterpart after prices put in a bearish Dark Cloud Cover candlestick pattern. The first layer of support comes in at 0.9314, with a break below that exposing the 23.6% Fibonacci expansion at 0.9201. Resistance is at 0.9460, the April 10 high, followed up the underside of a recently broken rising channel at 0.9538.

Prices are too close to near-term support to justify entering short from a risk/reward perspective. Furthermore, it seems prudent not to initiate new exposure in a USD-based or sentiment-sensitive currency pair ahead of tomorrow’s pivotal FOMC policy announcement. With that in mind, we will stand aside for now.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

AUD/USD Technical Analysis – Double Top Signaled Sub-0.95

Daily Chart - Created Using FXCM Marketscope 2.0

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    AUD/USD Technical Analysis: Aussie Preparing to Recover?

  2. Forex News

    USD Eyes FOMC Meeting amid Perceived Policy Divergence

  3. Forex News

    US Dollar May Fall as FOMC Fails to Fuel Interest Rate Hike Bets

  4. Investing

    AUD/USD: No Need to Fight the Trend

  5. Forex News

    AUD/USD Technical Analysis: Support Found Below 0.79

Trading Center