AUD/USD Technical Analysis: Support Above 0.77 Back in Play
DailyFX.com -
To receive Ilya's analysis directly via email, please SIGN UP HERE
Talking Points:
AUD/USD Technical Strategy: Flat
Support: 0.7706, 0.7559, 0.7459
Resistance:0.7900, 0.8058, 0.8221
The Australian Dollar has returned to the middle of its long-standing range above the 0.75 figure against its US counterpart. Near-term resistance is in the 0.7857-7900 area (23.6% level, February 25 high), with a break above that on a daily closing basis exposing the 38.2% level at 0.8059.Alternatively, a reversal below the 0.7706-33 zone (14.6% Fib, horizontal pivot) opens the door for a test of the range floor at 0.7559.
Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests that taking up the long side is premature. With that in mind, we will remain flat for now.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.
