AUD/USD Technical Analysis: Moving to Down Trend Bound

By DailyFx | Updated August 28, 2014 AAA -

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

Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support:0.9338, 0.9282, 0.9244
  • Resistance: 0.9369, 0.9390-0.9401, 0.9440

The Australian Dollar advanced as expected against its US counterpart, with the pair pushing toward the top of its near-term down trend. A daily close above the 50% Fibonacci expansionat 0.9369 exposes a rising channel top at 0.9390, followed by the 61.8% level at 0.9401. Alternatively, a turn below the 38.2% retracement at 0.99338 clears the way for a test of the 23.6% Fib expansion at 0.9282.

Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. With that in mind we will remain flat for now.

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

AUD/USD Technical Analysis: Moving to Down Trend Bound

Daily Chart - Created Using FXCM Marketscope 2.0

You May Also Like

Related Forex Analysis
  1. Forex News

    Video: Chinese Shares Don’t Rally on Chinese Stimulus, Dollar Rebounds

  2. Forex News

    AUD/USD Technical Analysis: 2-Month Range Top Holding

  3. Forex News

    AUD/USD Range Support in Focus Ahead of RBA Minutes, CPI

  4. Forex News

    Scalp Webinar: USD Correction In Focus- Kiwi at Risk Sub 7700

  5. Forex News

    Commodity Dollars Soar After China Cuts Reserve Requirement Ratio

Trading Center