To receive Ilya's analysis directly via email, please SIGN UP HERE
Talking Points:
- AUD/USD Technical Strategy: Flat
- Support:0.9282, 0.9244, 0.9227
- Resistance: 0.9345, 0.9373, 0.9395
The Australian Dollar has entered consolidation mode after bouncing upward against its US namesake, as expected. A daily close below support at 0.9282, the 23.6% Fibonacci expansion, exposes the intersection of the 38.2% level and a rising trend line set from early April. Alternatively, a reversal above the August 19 high at 0.9345 clears the way for a test of the August 6 peak at 0.9373.
Positioning is inconclusive at this point, with prices offering no actionable trade signal. Positive RSI divergence hints further gains may be ahead however. We will remain on the sidelines and look to a bounce as a selling opportunity in line with the downward trajectory carved out from the July 1 high.
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
