AUD/USD Technical Analysis: Waiting for New Short Setup

RELATED QUOTES

SymbolPriceChange
AUDUSD=X0.7675-0.0039

DailyFX.com -

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

Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support: 0.7715, 0.7559, 0.7465
  • Resistance:0.7843, 0.8018, 0.8302

The Australian Dollar looks poised to continue higher against its US namesake after prices broke above channel resistance set from September 2014. Near-term resistance is at 0.7843, the 14.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 23.6% level at 0.8018. Alternatively, a turn below resistance-turned-support at 0.7715 clears the way for a challenge of the March 11 low at 0.7559.

We sold AUDUSD at 0.7735 and subsequently booked profit on half of the position. The second half of the position was stopped out at breakeven. We will remain on the sidelines from here, waiting for another opportunity to enter short in line with the dominant multi-year trend.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

AUD/USD Technical Analysis: Waiting for New Short Setup

Daily Chart - Created Using FXCM Marketscope

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


original source

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

QUOTES

 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.