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Talking Points:
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AUD/USD Technical Strategy: Short at 0.9186
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Support:0.8659 0.8406 0.8246
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Resistance:0.8826 0.8955 0.9112
The Australian Dollar fell for a third consecutive day with prices sliding to the lowest level in eight months against its US counterpart. A daily close below the 0.8659-65 area marked by the January 24 low and the 76.4% Fibonacci expansion exposes the 100% level at 0.8406. Alternatively a reversal back above the 61.8% Fib at 0.8826 opens the door for a test of the 50% expansion at 0.8955.
We entered short AUDUSD at 0.9186 and have since taken profit on half ofour exposure. The rest remains open to capture further downside momentum with a stop-loss at 0.9085 our initial objective.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak Currency Strategist for DailyFX.com
original source
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