AUD/USD Technical Analysis: Rising Toward July Swing High

By DailyFx | July 23, 2014 AAA

DailyFX.com -

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

Talking Points:

  • AUD/USD Technical Strategy: Short at 0.9414
  • Support:0.9441, 0.9398, 0.9324
  • Resistance: 0.9460-76, 0.9504-11, 0.9554

The Australian Dollar has launched a swift recovery against its US counterpart following the release of second-quarter CPI figures. Prices are testing resistance in the 0.9460-76 area, marked by the April 10 high and the 50% Fibonacci expansion. A break above that on a daily closing basis exposes the 0.9504-11 region bracketed by the July 1 high and the 61.8% level. Alternatively, a reversal back below the 38.2% Fib at 0.9441 opens the door for a challenge of the 23.6% expansion at 0.9398.

We entered short AUDUSD at 0.9414, initially targeting a return to 0.9324. A stop-loss will be triggered on a daily close abovethe July 1 high at 0.9504. We will take profit on half of the trade and move the stop-loss to breakeven on the remainder of the position once the first objective is met.

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

AUD/USD Technical Analysis: Rising Toward July Swing High

Daily Chart - Created Using FXCM Marketscope 2.0

comments powered by Disqus
Related Forex Analysis
  1. Dollar Finds Capital Market Uncertainties Offset Wavering Fed Rhetoric
    Forex News

    Dollar Finds Capital Market Uncertainties Offset Wavering Fed Rhetoric

  2. US Dollar Pullback May Be Ahead, SPX 500 Slips Below 2000 Again
    Forex News

    US Dollar Pullback May Be Ahead, SPX 500 Slips Below 2000 Again

  3. US Dollar Technical Analysis: Bullish Momentum Fading?
    Forex News

    US Dollar Technical Analysis: Bullish Momentum Fading?

  4. Euro May Be Asymetrically Sensitive if PMI Data Tops Expectations
    Forex News

    Euro May Be Asymetrically Sensitive if PMI Data Tops Expectations

  5. EUR/USD stuck at 1.2850, new triggers are wanted
    Forex News

    EUR/USD stuck at 1.2850, new triggers are wanted

Trading Center