(MENAFN- DailyFX) DailyFX.com - r>
To receive Ilya's analysis directly via email please SIGN UP HERE
Talking Points:
-
AUD/USD Technical Strategy: Short at 0.9186
-
Support:0.8659 0.8406 0.8246
-
Resistance:0.8826 0.8955 0.9112
The Australian Dollar may be preparing to correct higher against its US namesake after prices put in a bullish Piercing Line candlestick pattern. Near-term resistance is at 0.8826 the 61.8% Fibonacci expansion with a break above that on a daily closing basis exposing the 50% level at 0.8955. Alternatively a drop below the 76.4% Fib at 0.8665 clears the way for a challenge of the 100% expansion at 0.8406.
We sold AUDUSD at 0.9186 and have since taken profit on half ofour exposure. The rest remains open to capture reneweddownside momentum. The stop-loss has been adjusted to 0.9085 our initial objective.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak Currency Strategist for DailyFX.com
original source
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.