Technical analysis of AUD/USD for January 14, 2016
January 14, 2016 1:50 pm
AUD/USD has been moving within the slightly ascending channel, but yesterday the price broke below showing potential weakness of the pair.
After the breakout, the price corrected back to retest the breakout point and rejected the 38.2% Fibonacci retracement level at the same time. While the final channel breakout target is not reached at S1, a trend should remain downward.
Consider selling AUD/USD anywhere between the current level and R1 (0.6960) resistance, targeting 0% fibs in the S1 (0.6875) area. The stop loss should be placed just above today’s high of 0.6973.
Support: 0.6875
Resistance: 0.6960
The material has been provided by InstaForex Company – www.instaforex.com
AUD/USD has been moving within the slightly ascending
channel, but yesterday the price broke below showing potential weakness of the pair.
After the breakout, the price corrected back to retest the
breakout point and rejected the 38.2% Fibonacci retracement level at the same time.
While the final channel breakout target is not reached at S1, a trend should
remain downward.
Consider selling AUD/USD anywhere between the current level and R1 (0.6960) resistance, targeting 0% fibs in the S1 (0.6875) area. The stop
loss should be placed just above today’s high of 0.6973.
Support: 0.6875
Resistance: 0.6960
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: