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Talking Points:
- AUD/USD Technical Strategy: Short at 0.9186
- Support:0.8792, 0.8693, 0.8595
- Resistance:0.8853, 0.8902, 0.8952
The Australian Dollar remains under heavy selling pressure against its US counterpart, falling for a third consecutive day to hit an eight-month low. Near-term support is at 0.8792, the 76.4% Fibonacci expansion, with a break below that on a daily closing basis exposing the 100% level at 0.8693. Alternatively, a turn back above the 61.8% Fib at 0.8853 clears the way for a challenge of the 50% expansion at 0.8902.
We sold AUDUSD at 0.9186 and have since taken profit on half ofour exposure. The rest remains open to capture reneweddownside momentum. The stop-loss has been adjusted to breakeven (0.9186).
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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