U.S. Markets open in 7 hrs 34 mins

AUD/USD Long Trend Held in Consolidation

Ilya Spivak

AUD/USD Technical Strategy: Long at 1.0238, Targeting Above 1.0483

Floating Profit / Loss: +175 pips

We entered long AUDUSD at 1.0238. Prices pulled back from resistance at 1.0483, the 76.4% Fibonacci retracement, to challenge the 61.8% level at 1.0412. A break below that targets the 1.0355-65 area. Alternatively a reversal above resistance eyes the multi-month range top at 1.0597. We will continue to hold long for now, with a stop-loss to be triggered on a daily close below 1.0412.

Forex_Analysis_AUDUSD_Long_Trend_Held_in_Consolidation_body_Picture_5.png, AUD/USD Long Trend Held in Consolidation

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.