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

Related Forex Analysis
  1. Gold Output Declines Amongst Top 5 Producers, Coinciding with Lower Prices
    Forex News

    Gold Output Declines Amongst Top 5 Producers, Coinciding with Lower Prices

  2. EUR/USD Breaks Channel from November Low, AUD/USD Skewed by PBoC
    Forex News

    EUR/USD Breaks Channel from November Low, AUD/USD Skewed by PBoC

  3. AUD/USD Doji Indicates Hesitation From The Bears Near 2014 Low
    Forex News

    AUD/USD Doji Indicates Hesitation From The Bears Near 2014 Low

  4. AUD/USD Technical Analysis: Support Found Below 0.86
    Forex News

    AUD/USD Technical Analysis: Support Found Below 0.86

  5. Scalping the AUDUSD Correction- Longs Favored Above 8565
    Forex News

    Scalping the AUDUSD Correction- Longs Favored Above 8565

Trading Center