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AUD/USD Technical Analysis: Key Range Bottom Tested

Ilya Spivak

AUD/USD Technical Analysis – Prices continue to trade sideways having taken out resistance at the top of a falling channel set from April. The first layer of significant resistance is in the 0.9325-71 area, marked by the June 11 low and the 23.6% Fibonacci retracement.Near-term support is at 0.9035, the July 3 low, followed by the 23.6% Fib expansion at 0.8943.

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dailyclassics_aud-usd_body_Picture_9.png, AUD/USD Technical Analysis: Key Range Bottom Tested

Daily Chart - Created Using FXCM Marketscope 2.0

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

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