AUD/USD Technical Analysis: Resistance Seen Just Below 0.93

DailyFX

AUD/USD Technical Analysis – Prices bounced as expected after putting in a Hammer candlestick above resistance-turned-support at the top of a falling channel set from April. The bulls have now cleared falling trend line resistance established from early June to expose the 0.9256-95 area, marked by a familiar range top and the 23.6% Fibonacci retracement. A further push above that eyes the 38.2% Fib at 0.9509. Alternatively, a reversal back below the trend line (now at 0.9131) eyes the 0.8997-0.9035 region. We have entered long.

Confirm your chart-based trade setups with the Technical Analyzer.

View photo

.
dailyclassics_aud-usd_body_Picture_9.png, AUD/USD Technical Analysis: Resistance Seen Just Below 0.93

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, please CLICK HERE

New to FX? Watch this Video. For live market updates, visit the Real Time News Feed

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

Rates

View Comments