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AUD/USD Technical Analysis: Another Support Level at Risk

Ilya Spivak

AUD/USD Technical Analysis– Prices are testing below support at 0.9388, the 38.2% Fibonacci expansion, with a confirmed break on a daily closing basis exposing the 50% Fib at 0.9264. 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. Positive RSI divergence continues to warn of ebbing bearish momentum.

dailyclassics_aud-usd_body_Picture_11.png, AUD/USD Technical Analysis: Another Support Level at Risk

Daily Chart - Created Using FXCM Marketscope 2.0

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

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