To receive Ilya's analysis directly via email, please SIGN UP HERE
Talking Points:
- AUD/USD Technical Strategy: Short at 0.9186
- Support:0.8659, 0.8406, 0.8246
- Resistance:0.8826, 0.8955, 0.9112
The Australian Dollar fell for a third consecutive day, with prices sliding to the lowest level in eight months against its US counterpart. A daily close below the 0.8659-65 area marked by the January 24 low and the 76.4% Fibonacci expansion exposes the 100% level at 0.8406. Alternatively, a reversal back above the 61.8% Fib at 0.8826 opens the door for a test of the 50% expansion at 0.8955.
We entered short AUDUSD at 0.9186 and have since taken profit on half ofour exposure. The rest remains open to capture further downside momentum with a stop-loss at 0.9085, our initial objective.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
original source
