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AUD/USD Key Range Bottom Holds Again

Ilya Spivak

AUD/USD Technical Strategy: Flat

Prices moved higher as expected after putting in a bullish Piercing Line candlestick pattern, breaking the 23.6% Fibonacci retracement at 1.0314. The bulls are now challenging the 38.2% level at 1.0368, with a move above that eyeing trend line support-turned-resistance at 1.0415. The 1.0314 level has been recast as support, with a turn below that exposing 1.0226. Risk/reward considerations argue against a trade at current levels and we will stand aside for now.

Forex_Analysis_AUDUSD_Key_Range_Bottom_Holds_Again_body_Picture_5.png, AUD/USD Key Range Bottom Holds Again

Daily Chart - Created Using FXCM Marketscope 2.0

Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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