AUD/USD Technical Strategy: Flat
Prices moved higher as expected after putting in a bullish Piercing Line candlestick pattern, breaking the 23.6% Fibonacci retracement at 1.0314. The bulls are now challenging the 38.2% level at 1.0368, with a move above that eyeing trend line support-turned-resistance at 1.0415. The 1.0314 level has been recast as support, with a turn below that exposing 1.0226. Risk/reward considerations argue against a trade at current levels and we will stand aside for now.
Daily Chart - Created Using FXCM Marketscope 2.0
Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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