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Talking Points:
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AUD/USD Technical Strategy: Flat
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Support:0.8659 0.8568 0.8466
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Resistance:0.8845 0.8971 0.9073
The Australian Dollar is struggling to build upward against its US namesake after putting in a bullish Piercing Line candlestick pattern. A daily close above the 23.6% Fibonacci expansion at 0.8845 exposes the 38.2% Fib retracement at 0.8971. Alternatively a turn below the 0.8659-94 area marked by the January 2014 low and the 23.6% expansion opens the door for a challenge of the 38.2% threshold at 0.8568.
Positioning remains inconclusive. The Piercing Line pattern hints a bottom may be set but upside follow-through has been absent casting doubt on the setup’s potency. We will remain flat for now until greater clarity emerges.
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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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