To receive Ilya's analysis directly via email, please SIGN UP HERE
- 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!
Daily Chart - Created Using FXCM Marketscope 2.0
Forex FundamentalsAs the world's second largest economy, China's challenge to America’s dominance includes a push to make the yuan (RMB), the world’s reserve currency. Whether it can do that now is unclear.
EconomicsOne particular barrier to trade that has received much attention of late and caused delays in negotiations of the TPP is exchange-rate manipulation, by which a country artificially devalues its ...
ForexBreaking news moves forex markets. Here are the top U.S. sites for tracking forex news.
InvestingAccess to financial information has grown with the expansion of digital news. Bloomberg and Thomson Reuters lead the pack, claiming a majority of the business information market.
EconomicsSouth Korea is the latest country to cut interest rates in an attempt to stimulate economic growth.
Forex EducationPeer-to-peer (P2P) currency exchange networks offer a viable and cheaper alternative for buying and selling currencies.
ForexHere is a simple breakdown of how to open an offshore forex account for US-based users, including legal requirements.
EntrepreneurshipA brief overview of the top apps that help forex traders with on time information, charts and more.
Investing BasicsVirtual currency is probably here to stay, but what about Bitcoin specifically? Does it have a first-to-market advantage? What are the risks involved?
Forex NewsWhen it comes to forex, some types of "fixes" are legal. But some really aren't.
- No results found.