AUD/USD Technical Analysis: Exiting Short Aussie Trade

By DailyFx | July 24, 2014 AAA

DailyFX.com -

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

Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support:0.9324-44, 0.9223-45, 0.9085
  • Resistance: 0.9460, 0.9504, 0.9600

The Australian Dollar is attempting to edge lower against its US namesake as expected after putting in a bearish Dark Cloud Cover candlestick pattern. Support lines up in the 0.9324-44 area, marked by a horizontal pivot in play since March and the 14.6% Fibonacci expansion. A break below that on a daily closing basis exposes the 0.9223-45 zone, bracketed by a range bottom and the 38.2% level. Alternatively, reversing above support-turned-resistance at 0.9422 opens the door for a challenge of the July 1 high at 0.9504.

We sold AUDUSD at 0.9414. The trade has made little progress since being initiated and we will take this opportunity to exit the position near the breakeven level, waiting for another opportunity to re-enter the trade in the days ahead.

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

AUD/USD Technical Analysis: Exiting Short Aussie Trade

Daily Chart - Created Using FXCM Marketscope 2.0

comments powered by Disqus
Related Forex Analysis
  1. USD/JPY crashes below 106.50, more downside in store
    Forex News

    USD/JPY crashes below 106.50, more downside in store

  2. Trading Video: Is the S&P 500 Rebound, VIX Retreat a Trend or Interlude
    Forex News

    Trading Video: Is the S&P 500 Rebound, VIX Retreat a Trend or Interlude

  3. EUR/USD bulls wake up and drive pair above 1.2800
    Forex News

    EUR/USD bulls wake up and drive pair above 1.2800

  4. Strategy Video: Which is the Better Breakout Candidate - AUDUSD or EURJPY?
    Forex News

    Strategy Video: Which is the Better Breakout Candidate - AUDUSD or EURJPY?

  5. AUD/USD Range Endures With Clearer Cues From Candlesticks Desired
    Forex News

    AUD/USD Range Endures With Clearer Cues From Candlesticks Desired

Trading Center