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Talking Points:
- AUD/USD Technical Strategy: Flat
- Support: 0.7559, 0.7499, 0.7417
- Resistance:0.7680, 0.7731, 0.7818
The Australian Dollar turned lower as expected against its US counterpart after prices put in a bearish Three Inside Down candlestick pattern. A daily close below the 0.7559-97 area (triple bottom, June 1 low) exposes the 61.8% Fibonacci expansion at 0.7499. Alternatively, a push above the 14.6% Fib retracement at 0.7680 clears the way for a test of the 23.6% threshold at 0.7731.
The available trading range is too narrow to justify entering a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.
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--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
