AUD/USD Technical Analysis – Prices bounced as expected after putting in a Hammer candlestick above resistance-turned-support at the top of a falling channel set from April. The bulls have now cleared falling trend line resistance established from early June to expose the 0.9256-95 area, marked by a familiar range top and the 23.6% Fibonacci retracement. A further push above that eyes the 38.2% Fib at 0.9509. Alternatively, a reversal back below the trend line (now at 0.9131) eyes the 0.8997-0.9035 region. We have entered long.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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