To receive Ilya's analysis directly via email, please SIGN UP HERE
Talking Points:
- AUD/USD Technical Strategy: Flat
- Support:0.9338, 0.9282, 0.9244
- Resistance: 0.9369, 0.9390-0.9401, 0.9440
The Australian Dollar advanced as expected against its US counterpart, with the pair pushing toward the top of its near-term down trend. A daily close above the 50% Fibonacci expansionat 0.9369 exposes a rising channel top at 0.9390, followed by the 61.8% level at 0.9401. Alternatively, a turn below the 38.2% retracement at 0.99338 clears the way for a test of the 23.6% Fib expansion at 0.9282.
Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. With that in mind we will remain flat for now.
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
