AUD/USD Technical Analysis: Corrective Upswing Hinted

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Talking Points:

  • AUD/USD Technical Strategy: Short at 0.9186
  • Support:0.8952, 0.8902, 0.8853
  • Resistance: 0.9013, 0.9050, 0.9111

The Australian Dollar may be gearing up for a corrective bounce against its US counterpart following the emergence of positive RSI divergence. Near-term resistance is at 0.9013, the 23.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the 14.6% level at 0.9050. Alternatively, a reversal below the 38.2% Fib at 0.8952 clears the way for a challenge of the 50% expansion at 0.8902.

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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AUD/USD Technical Analysis: Corrective Upswing Hinted

Daily Chart – Created Using FXCM Marketscope 2.0

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

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