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. EUR/USD sitting just above 1.2950 support
    Forex News

    EUR/USD sitting just above 1.2950 support

  2. Yen Gains, Aussie Dollar Falls on Soft Chinese Economic Data
    Forex News

    Yen Gains, Aussie Dollar Falls on Soft Chinese Economic Data

  3. USD/JPY drifting lower, but still well above 107.00
    Forex News

    USD/JPY drifting lower, but still well above 107.00

  4. Crude Oil Prices Aiming to Extend Lower, SPX 500 May Be Topping
    Forex News

    Crude Oil Prices Aiming to Extend Lower, SPX 500 May Be Topping

  5. USD/JPY Technical Analysis: Prices Set New Six-Year High
    Forex News

    USD/JPY Technical Analysis: Prices Set New Six-Year High

Trading Center