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AUD/USD Technical Analysis – Reversal Confirmation Pending

Ilya Spivak

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Talking Points:

  • AUD/USD Technical Strategy: Flat

  • Support: 0.9380 (trend line), 0.9271 (23.6% Fib ret.)

  • Resistance: 0.9460 (Apr 10 high)

The Australian Dollar turned lower as expected against its US namesake after prices put in a Shooting Star candlestick below the 0.95 figure. Sellers are testing below rising trend line support set from mid-March, with a break lower confirmed on a daily closing basis exposing the 23.6% Fibonacci retracement at 0.9271. Alternatively, a move back above the trend line (now at 0.9380) aims for the April 10 high at 0.9460.

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Prices are too close to relevant support to justify a short trade form a risk/reward perspective. We will continue to stand aside for now, looking for a more attractive entry to present itself.

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dailyclassics_aud-usd_body_Picture_12.png, AUD/USD Technical Analysis – Reversal Confirmation Pending
dailyclassics_aud-usd_body_Picture_12.png, AUD/USD Technical Analysis – Reversal Confirmation Pending

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com


original source

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