AUD/USD: Corrective Upswing Hinted
Dailyfx | Sep 19, 2014 02:01AM ET
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 AUD/USD at 0.9186 and have since taken profit on half of our exposure. The rest remains open to capture renewed downside momentum. The stop-loss has been adjusted to breakeven (0.9186).
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