FX.co ★ Technical analysis of AUD/USD for October 29, 2014

 Technical outlook and chart setups:

The AUD/USD pair has been in a larger 3 wave correction since 1.1000 levels as seen on the weekly chart view here. Level of interest to initiate long positions is around the fibonacci 0.618 at 0.7950.  Major support is seen at 0.8060, followed by 0.7750 and lower while resistance is seen at 0.9200/9300, followed by 0.9500, 0.9750 and higher up respectively. Selling rallies should be favored trading strategy till prices remain below 0.9500 levels. On the flip side, if prices break above 0.9500 levels, bulls would regain control and a double bottom would be confirmed at 0.8630/40 levels. 

Trading recommendations:

Sell intraday rallies towards 0.9150/0.9200, stop above 0.9350, target is open. Aggressive traders could look to go long at current price.

Good luck!