Talking Points: AUD/USD Technical Strategy: Flat Support: 0.8659 ( Jan 24 low) Resistance: 0.8819-58 (14.6% Fib exp., Aug'13 bottom), 0.8918 (23.6% Fib exp.) The Australian Dollar is moving higher as expected after putting in a bullish Piercing Line candlestick pattern. Familiar resistance in the 0.8819-58 area (marked by pivotal swing lows dating back to August 2013 and the 14.6% Fibonacci expansion) continues to hold however. A daily close above this boundary would help alleviate immediate downside pressure, but a push through trend line resistance capping gains since early December is needed to set an outright positive tone. In the meantime, an actionable trade setup is absent and we will remain on the sidelines. Breaking above 0.8858 initially exposes 0.8918 (23.6% Fib retracement), while near-term support remains at 0.8659 ( January 24 low).
Most Popular Stories
- Obama Administration Releases Proposal to Regulate For-Profit Colleges
- Elizabeth Vargas' Husband Marc Cohn Addresses Rumors
- Keurig Adds Peet's coffee, Alters Starbucks deal
- Quiznos Files for Chapter 11
- U.S. to Relinquish Gov't Control Over Internet
- Vybz Kartel Convicted of Murder
- U.S. Consumer Sentiment Falls in Early March
- SoCalGas Reaches Record Spend on Diversity Suppliers
- Is Malaysian Airlines Flight 370 in Andaman Sea?
- Koch Brothers Step up Anti-Obamacare Campaign