Forex: AUD/USD Technical Analysis – Trend Line Support in Focus

| 21 mars, 2014 | 0 kommentarer

To receive Ilya’s analysis directly via email, please SIGN UP HERE

Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support: 0.9025 (23.6% Fib ret., trend line), 0.8955 (38.2% Fib ret.)
  • Resistance: 0.9138 (Mar 19 high)

The Australian may be readying to turn lower against its US counterpart after an expected recovery after prices completed a Bearish Engulfing candlestick pattern. A break below support at 0.9025, marked by the 23.6% Fibonacci retracement and a rising trend line set from early January exposes the 38.2% level at 0.8955. Near-term resistance is at 0.9138, the March 19 high.

Prices are too close to relevant support to justify a short position from a risk/reward perspective. On the other hand, entering a long trade looks premature absent a defined bullish reversal signal. We will continue to stand aside for now, waiting for a more attractive setup to present itself.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

dailyclassics_aud-usd_body_Picture_12.png, Forex: AUD/USD Technical Analysis  Trend Line Support in Focus

Daily Chart – Created Using FXCM Marketscope 2.0

— Written by Ilya Spivak, Currency Strategist for DailyFX.com

Taggar: ,

Kategori: Analys från DailyFX

Om skribenten ()

DailyFX från FXCM ger dig dagligen färska tekniska analyser på valuta och råvaror. FXCM är en ledande handelsplattform för trading av finansiella tillgångar med kraftfulla verktyg för alla sorters handel.

Lämna ett svar

Din e-postadress kommer inte publiceras. Obligatoriska fält är märkta *