AUD/USD Technical Analysis– Prices are attempting a recovery from support at 0.9388, the 38.2% Fibonacci expansion as positive RSI divergence continues to warn of ebbing bearish momentum and hints at a reversal. Near-term resistance is at 0.9542, the 23.6% level, with a move back above that targeting the June 3 high at 0.9791. Alternatively, a push beneath 0.9388 exposes the 50% Fib at 0.9264.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE