U.S. Markets close in 4 hrs 52 mins

AUD/USD Finds Resistance Below 1.03 Figure

Ilya Spivak

AUD/USD Technical Strategy: Flat

Prices are challenging the 23.6% Fibonacci expansion at 1.0330. A break above that aims for the 38.2% level at 1.0399. Near-term support is at 1.0220, the April 23 low, followed by the multi-month range bottom set from late July 2012 at 1.0181. Current positioning doesn’t offer an actionable trade setup and we will stand aside for now.

Forex_Analysis_AUDUSD_Finds_Resistance_Below_1.03_Figure_body_Picture_5.png, AUD/USD Finds Resistance Below 1.03 Figure

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.