AUD/USD Technical Analysis: Treading Water Near 0.93 Mark

By DailyFx | Updated August 25, 2014 AAA

DailyFX.com -

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

Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support:0.9282, 0.9244, 0.9227
  • Resistance: 0.9345, 0.9373, 0.9395

The Australian Dollar is treading water near the 0.93 figure after launching a rebound against its US counterpart, as expected. Near-term support is at 0.9282, the 23.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the intersection of the 38.2% level and a rising trend line set from early April at 0.9244. Alternatively, a turn above the August 19 high at 0.9345 opens the door for a challenge of the August 6 top at 0.9373.

Positioning is inconclusive at this point. Positive RSI divergence hints further gains may be ahead but an actionable entry signal is absent. We will stand aside for now and treat any bounce from here as a selling opportunity in line with the near-term down trend set from the July 1 high.

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

AUD/USD Technical Analysis: Treading Water Near 0.93 Mark

Daily Chart - Created Using FXCM Marketscope 2.0

You May Also Like

Related Forex Analysis
  1. Forex News

    US Dollar May Rise if Home Sales Top Estimates, Boosting Fed Outlook

  2. Forex News

    AUD/USD Technical Analysis: Digesting Above 0.81 Figure

  3. Forex News

    Yen Down on Risk Appetite Swell But Year-End Flows May Fuel Turn

  4. Forex News

    AUD/USD Technical Analysis: Support Found Above 0.81

  5. Forex News

    AUD/USD Exhaustion Trade- Shorts at Risk Above 8064

Trading Center