DailyFX.com -

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

Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support:0.9310-18, 0.9270, 0.9239-45
  • Resistance: 0.9369, 0.9401, 0.9440
The Australian Dollar may be preparing to reverse downward against its US counterpart following the appearance of a Bearish Engulfing candlestick formation. A daily close below the 0.9310-18 area marked by a rising trend line support set from late August at and the 23.6% Fibonacci expansion exposes the 38.2% level at 0.9270. Alternatively, a turn above the intersection of the 50% Fib retracement and a falling channel top at 0.9369 clears the way for a test of the 61.8% threshold at 0.9401.

Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. With that in mind we will remain flat for now.

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

AUD/USD Technical Analysis: Bearish Turn Signal Emerges

Daily Chart - Created Using FXCM Marketscope 2.0


Filed Under:
Forex pairs in this Article » AUD/USD

comments powered by Disqus
Trading Center