AUD/USD Technical Analysis: Bulls Lose Grip on 0.93 Mark

By DailyFx | Updated August 20, 2014 AAA

DailyFX.com -

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

Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support:0.9277, 0.9244, 0.9212
  • Resistance: 0.9300, 0.9340, 0.9371

The Australian Dollar broke upward against its US namesake as expected, completing a Falling Wedge chart formation. Prices have since corrected downward to retest support at 0.9277, the 14.6% Fibonacci retracement. A daily close below that exposes 0.9244, the confluence of the 38.2% Fib expansion, the Wedge top and a rising trend line set from early April. Alternatively, a reversal above the 23.6% retracement at 0.9300 clears the way for a test of the 38.2% threshold at 0.9340.

Prices are wedged too closely between near-term support and resistance to justify taking a trade from a risk/reward perspective. We will stand aside for the time being, waiting for a more attractive setup to present itself.

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

AUD/USD Technical Analysis: Bulls Lose Grip on 0.93 Mark

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: Aussie Preparing to Recover?

  2. Forex News

    USD Eyes FOMC Meeting amid Perceived Policy Divergence

  3. Forex News

    US Dollar May Fall as FOMC Fails to Fuel Interest Rate Hike Bets

  4. Investing

    AUD/USD: No Need to Fight the Trend

  5. Forex News

    AUD/USD Technical Analysis: Support Found Below 0.79

Trading Center