To receive Ilya's analysis directly via email, please SIGN UP HERE
- AUD/USD Technical Strategy: Flat
- Support:0.9181-210, 0.9082, 0.8982
- Resistance: 0.9281, 0.9354, 0.9460
The Australian Dollar moved lower against its US namesake as expected after putting in a bearish Dark Cloud Cover candlestick pattern. A break below rising trend line support set from early may has exposed the 0.9181-0.9210 area marked by a range bottom in play since late March and the 38.2% Fibonacci retracement. Pushing further below that targets the 50% level at 0.9082. Alternatively, a reversal back above the trend line – now at 0.9281 – clears the way for a challenge of upward-sloping support-turned-resistance at 0.9354.
The available trading range is too narrow to justify a trade on the long or short side of the equation from a risk/reward perspective. We will remain flat for now, waiting for a more attractive opportunity to present itself.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
Daily Chart - Created Using FXCM Marketscope 2.0
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.
Investing BasicsVirtual currency is probably here to stay, but what about Bitcoin specifically? Does it have a first-to-market advantage? What are the risks involved?
Forex NewsWhen it comes to forex, some types of "fixes" are legal. But some really aren't.
- No results found.