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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 has set its sights on a critical inflection point above the 0.86 figure against its US counterpart. Near-term support is in the 0.8659-65 area marked by the January 24 low and the 76.4% Fibonacci expansion. A break below that on a daily closing basis exposes the 100% level at 0.8406. Alternatively a turn back above the 61.8% Fib at 0.8826 clears the way for a challenge of the 50% expansion at 0.8955.
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 breakeven (0.9186).
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak Currency Strategist for DailyFX.com