To receive Ilya's analysis directly via email, please SIGN UP HERE
- AUD/USD Technical Strategy: Flat
- Support:0.9282, 0.9244, 0.9227
- Resistance: 0.9345, 0.9373, 0.9395
The Australian Dollar has entered consolidation mode after bouncing upward against its US namesake, as expected. A daily close below support at 0.9282, the 23.6% Fibonacci expansion, exposes the intersection of the 38.2% level and a rising trend line set from early April. Alternatively, a reversal above the August 19 high at 0.9345 clears the way for a test of the August 6 peak at 0.9373.
Positioning is inconclusive at this point, with prices offering no actionable trade signal. Positive RSI divergence hints further gains may be ahead however. We will remain on the sidelines and look to a bounce as a selling opportunity in line with the downward trajectory carved out from the July 1 high.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
Daily Chart - Created Using FXCM Marketscope 2.0
Investing NewsChina’s forex reserves dropped by a record $93.9 billion at the end of August to $3.56 trillion because the Central Bank has been selling dollars to provide a cushion to the falling yuan
ForexAmid the rising economic power of India, the talks of making the Indian currency fully convertible are gaining momentum. We look at the pros and cons.
Forex FundamentalsAs the world's second largest economy, China's challenge to America’s dominance includes a push to make the yuan (RMB), the world’s reserve currency. Whether it can do that now is unclear.
EconomicsOne particular barrier to trade that has received much attention of late and caused delays in negotiations of the TPP is exchange-rate manipulation, by which a country artificially devalues its ...
ForexBreaking news moves forex markets. Here are the top U.S. sites for tracking forex news.
InvestingAccess to financial information has grown with the expansion of digital news. Bloomberg and Thomson Reuters lead the pack, claiming a majority of the business information market.
EconomicsSouth Korea is the latest country to cut interest rates in an attempt to stimulate economic growth.
Forex EducationPeer-to-peer (P2P) currency exchange networks offer a viable and cheaper alternative for buying and selling currencies.
ForexHere is a simple breakdown of how to open an offshore forex account for US-based users, including legal requirements.
EntrepreneurshipA brief overview of the top apps that help forex traders with on time information, charts and more.