AUD/USD Technical Analysis– Prices are stalling above support in the 0.9580-84 region, the intersection of the June 1 low and the 38.2% Fibonacci expansion, with positive RSI divergence hinting a rebound may be ahead. Near-term resistance is in the 0.9682-95 area, marked by the June 1 daily close and the 23.6% level. A break above that initially eyes the 38.2% Fib retracement at 0.9855.
Daily Chart – Created Using FXCM Marketscope 2.0
— 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