AUD/USD Technical Analysis: Consolidating Above 0.92 Mark

By DailyFx | Updated August 12, 2014 AAA

DailyFX.com -

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

Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support:0.9258, 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

    US Dollar May Fall as Yen Gains on Soft US Employment Figures

  2. Forex News

    AUD/USD Technical Analysis: Trend Line Barrier Holds Up

  3. Forex News

    AUD/USD Turns Over (Again) Before Channel Resistance

  4. Forex News

    US Dollar Poised for Further Gains, but Watch Nonfarm Payrolls

  5. Forex News

    AUD/USD Technical Analysis: Stalling Below Key Trend Line

Trading Center