DailyFX.com -

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

Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support:0.9258, 0.9223-31, 0.9198
  • Resistance: 0.9286, 0.9319, 0.9357

The Australian Dollar moved downward against its US counterpart as expected after prices produced a bearish Dark Cloud Cover candlestick pattern. A daily close below support at 0.9258, the 50% Fibonacci expansion, exposes the 0.9223-31 area marked by a range bottom from late March and the 61.8% level. Alternatively, a move above the 38.2% Fib at 0.9286 clears the way for a test of the 23.6% expansion at 0.9319.

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: Consolidating Above 0.92 Mark

Daily Chart - Created Using FXCM Marketscope 2.0

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    USD/CAD on Cusp of Breakout as EUR/USD Retreats

  2. Forex News

    AUD/USD Technical Analysis: Drifting Toward Range Top

  3. Forex News

    Trading Video: Greece Panic Eases as IMF Payment in Arrears, Risk Still Stalking

  4. Forex News

    AUD/USD Tight Range for June; Finishes Month at Resistance

  5. Forex News

    AUD/USD Continues to Hold Key Support Despite RBA Verbal Intervention

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!