AUD/USD Technical Analysis: Waiting for Follow-Through

By DailyFx | Updated July 27, 2014 AAA

DailyFX.com -

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

Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support:0.9324-44, 0.9223-45, 0.9085
  • Resistance: 0.9460, 0.9504, 0.9600

The Australian Dollar is struggling to form a top against its US counterpart after showing a bearish Dark Cloud Cover candlestick pattern. A daily close below support in the 0.9324-44 area, marked by a horizontal pivot in play since March and the 14.6% Fibonacci expansion, initially exposes the 0.9223-45 zone, bracketed by a range bottom and the 38.2% level. Alternatively, a turn above the April 10 high at 0.9460 clears the way for a test of the July 1 top at 0.9504.

Positioning is inconclusive for the time being. Bearish cues remain but follow-through has been absent. We will wait on the sidelines until an actionable opportunity with greater potential for follow-through presents itself.

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

AUD/USD Technical Analysis: Waiting for Follow-Through

Daily Chart - Created Using FXCM Marketscope 2.0

Related Forex Analysis
  1. Bullish US Dollar Undermined by Shaky October Durable Goods Orders
    Forex News

    Bullish US Dollar Undermined by Shaky October Durable Goods Orders

  2. AUD/USD Downside Risks Remain With Bullish Reversal Patterns Lacking
    Forex News

    AUD/USD Downside Risks Remain With Bullish Reversal Patterns Lacking

  3. Japanese Yen May Rise as Year-End Capital Flows Begin to Emerge
    Forex News

    Japanese Yen May Rise as Year-End Capital Flows Begin to Emerge

  4. Dollar and Yields Slide Despite Improved US Data
    Forex News

    Dollar and Yields Slide Despite Improved US Data

  5. Video: Event Risk Can Set Off Volatility, but Carry Trends?
    Forex News

    Video: Event Risk Can Set Off Volatility, but Carry Trends?

Trading Center