AUD/USD Technical Analysis: Looking for Defined Breakout

By DailyFx | July 29, 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 struggling to form a top against its US counterpart after showing a bearish Dark Cloud Cover candlestick pattern. A daily close below support in the 0.9324-44 area, marked by a horizontal pivot in play since March and the 14.6% Fibonacci expansion, initially exposes the 0.9223-45 zone, bracketed by a range bottom and the 38.2% level. Alternatively, a turn above the April 10 high at 0.9460 clears the way for a test of the July 1 top at 0.9504.

Positioning is inconclusive for the time being. Bearish cues remain but follow-through has been absent. We will wait on the sidelines until an actionable opportunity with greater potential for follow-through presents itself.

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

AUD/USD Technical Analysis: Looking for Defined Breakout

Daily Chart - Created Using FXCM Marketscope 2.0

comments powered by Disqus
Related Forex Analysis
  1. AUD/USD Remains Range-Bound As Dojis Highlight Hesitation
    Forex News

    AUD/USD Remains Range-Bound As Dojis Highlight Hesitation

  2. Pound to Fall on Ebbing BOE Rate Hike Bets if 3Q UK GDP Underperforms
    Forex News

    Pound to Fall on Ebbing BOE Rate Hike Bets if 3Q UK GDP Underperforms

  3. AUD/USD Technical Analysis: Still Looking for Direction
    Forex News

    AUD/USD Technical Analysis: Still Looking for Direction

  4. AUD/USD Triangle Break Near?
    Forex News

    AUD/USD Triangle Break Near?

  5. US Dollar Looks like an Attractive Buy versus Euro, Sterling, Yen
    Forex News

    US Dollar Looks like an Attractive Buy versus Euro, Sterling, Yen

Trading Center