AUD/USD Technical Analysis– Prices are testing resistance at the top of a falling channel set from April, with a close above this boundary exposing the 23.6% Fibonacciretracement at 0.9371.Near-term support is at 0.9035, the July 3 low. Positive RSI divergence argues in favor of an upside scenario.
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