DailyFX.com -

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

Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support: 0.9324, 0.9201, 0.9041
  • Resistance: 0.9436, 0.9460, 0.9555

The Australian Dollar may be setting a double top below the 0.95 figure against its US counterpart as prices show a bearish Dark Cloud Cover candlestick pattern. Initial support is at 0.9324, with a daily close below that targeting the 23.6% Fibonacci expansion at 0.9201. The first layer of resistance lines up at 0.9436, the June 12 high. A turn above that aims for the April 10 high at 0.9460, followed by rising channel bottom support-turned-resistance at 0.9555.

A bounce in the aftermath of the FOMC policy announcement has improved risk/reward parameters and we will now attempt to enter short, initially targeting 0.9324. A stop-loss will be triggered on a daily close above 0.9460. We will book profit on half of the trade and move the stop-loss to breakeven once the first target is reached.

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

AUD/USD Technical Analysis – Short Position Now in Play

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: Digesting Loses Below 0.73

  2. Forex News

    US Dollar Volatility Risk is High, Points to Larger Market Moves Ahead

  3. Forex News

    US Durable Goods Orders Report Favorable, but USD/JPY Losses Persist

  4. Forex News

    A Strong First Decade for the Chinese Renminbi Since De-Pegging

  5. Forex News

    AUD/USD Technical Analysis: Aussie Drops to 6-Year Low

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!