AUD/USD Technical Analysis: Still Range-Bound Above 0.93

By DailyFx | July 22, 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:0.9305-24, 0.9223, 0.9181
  • Resistance: 0.9422, 0.9507-18, 0.9602

The Australian Dollar fell as expected against its US namesake after prices put in a Dark Cloud Cover candlestick pattern. Near-term support is in the 0.9305-24 area, marked by a horizontal pivot in play since March and the 23.6% Fibonacci retracement. A daily close below that targets the 0.9181-223 zone, bracketed by a range bottom and the 38.2% level. Alternatively, a turn above support-turned-resistance at 0.9422 clears the way for a test of the 0.9507-18 region (trend line support-turned-resistance, 38.2% Fib expansion).

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: Still Range-Bound Above 0.93

Daily Chart - Created Using FXCM Marketscope 2.0

comments powered by Disqus
Related Forex Analysis
  1. GBP/USD upside remains corrective – Commerzbank
    Forex News

    GBP/USD upside remains corrective – Commerzbank

  2. USD/CHF shows recovery attempts, as it bottomed at 0.9340
    Forex News

    USD/CHF shows recovery attempts, as it bottomed at 0.9340

  3. SEB:  More EUR/USD buying seen above 1.2943 - eFXnews
    Forex News

    SEB: More EUR/USD buying seen above 1.2943 - eFXnews

  4. USD/CAD at Risk for Larger Downside Correction on Sticky Canada CPI
    Forex News

    USD/CAD at Risk for Larger Downside Correction on Sticky Canada CPI

  5. What’s the sentiment around the EUR/USD today? – Scotiabank and OCBC Bank
    Forex News

    What’s the sentiment around the EUR/USD today? – Scotiabank and OCBC Bank

Trading Center