AUD/USD Technical Analysis– Prices recoiled from resistance at 1.0483, the 76.4% Fibonacci retracement, after putting in a Bearish Engulfing candlestick pattern. Sellers are now testing support at 1.0412, the 61.8% level, with a break below that targeting the 1.0355-65 area. Alternatively, a reversal above resistance aims for the multi-month range top at 1.0597. We continue to hold long for now.
Daily Chart – Created Using FXCM Marketscope 2.0
Want to back-test your technical trading strategy? Download the historical data here.
— 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