AUD/USD Technical Analysis– Prices broke above resistance at 1.0305, the 23.6% Fibonacci retracement, to challenge the 38.2% level at 1.0358. A break above that exposes the 50% Fib at 1.0401. The 1.0305 has been recast as near-term support, with a reversal back beneath that eyeing the April 23 low at 1.0220.
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