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Forex: AUD/USD Technical Analysis – Channel Bottom Retested

Ilya Spivak

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Talking Points

  • Prices turned lower as expected after putting in a Bearish Engulfing candle pattern
  • Support is now at 0.9409 (38.2% Fib); breaking below that targets 0.9302 (50% Fib)
  • Above 0.9509-42 (channel bottom, Fib cluster) exposes 0.9714 (50% Fib from April high)

Confirm your chart-based trade setups with the Technical Analyzer.

dailyclassics_aud-usd_body_Picture_12.png, Forex: AUD/USD Technical Analysis – Channel Bottom Retested

Daily Chart - Created Using FXCM Marketscope 2.0

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

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