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- AUD/USD Technical Strategy: Flat
- Support:0.9264, 0.9223, 0.9149
- Resistance: 0.9358-76, 0.9434, 0.9504
The Australian Dollar continues to oscillate in a choppy range around the 0.93 figure against the US Dollar. A Bearish Engulfing candlestick pattern and a Shooting Star warn prices may be topping below resistance in the 0.9358-76 area, marked by an upward-sloping axis in play since early June and the 14.6% Fibonacci expansion. Near-term support is at 0.9264, a rising trend line set from April, with a break below that on a daily closing basis exposing the May 22 close at 0.9223. Alternatively, a move above resistance opens the door for a challenge of the 23.6% level at 0.9434.
A Shooting Star candle points to indecision and does not amount to an actionable trade signal without additional confirmation. With that in mind, we will remain on the sidelines for the time being.
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Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for DailyFX.com