AUD/USD Technical Analysis– Prices broke support at 0.9134, the 14.6% Fibonacci retracement, exposing the 23.6% level at 0.9005. A further push beneath that targets channel support at 0.8881. Positive RSI divergence continues to warn of ebbing downward momentum, however. A move back above 0.9134 sees the next upside barrier at 0.9273, the channel top.
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