AUD/USD Technical Analysis: Aussie Pushes to 3-Week High

By DailyFx | August 27, 2014 AAA

DailyFX.com -

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

Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support:0.9282, 0.9244, 0.9212
  • Resistance: 0.9338, 0.9369, 0.9393-0.9401

The Australian Dollar turned higher against its US namesake as expected, with prices advancing to a three-week high. Near-term resistance is at 0.9338, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 0.9369. A further push beyond that eyes the 0.9393-0.9401 area marked by a falling channel top and the 61.8% Fib. Alternatively, a reversal below the 23.6% Fib expansion at 0.9282 opens the door for a challenge of 0.9244, the intersection of the 38.2% threshold and a rising trend line set from early April.

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.

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

AUD/USD Technical Analysis: Aussie Pushes to 3-Week High

Daily Chart - Created Using FXCM Marketscope 2.0

comments powered by Disqus
Related Forex Analysis
  1. GBP/USD upside remains corrective – Commerzbank
    Forex News

    GBP/USD upside remains corrective – Commerzbank

  2. USD/CHF shows recovery attempts, as it bottomed at 0.9340
    Forex News

    USD/CHF shows recovery attempts, as it bottomed at 0.9340

  3. SEB:  More EUR/USD buying seen above 1.2943 - eFXnews
    Forex News

    SEB: More EUR/USD buying seen above 1.2943 - eFXnews

  4. USD/CAD at Risk for Larger Downside Correction on Sticky Canada CPI
    Forex News

    USD/CAD at Risk for Larger Downside Correction on Sticky Canada CPI

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

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

Trading Center