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Long the US Dollar versus the Australian Dollar

Long the US Dollar versus the Australian Dollar

David Rodriguez, Head of Product

The Australian Dollar remains a sell as it approaches key Fiboacci levels as well as volume-based resistance at $0.7800. There's certainly risk of a breakout, but I think a short position remains attractive as long as we don't see a daily close above.

Targets start at recent lows near $0.7600, while closing above $0.7800 negates the trade.

View the Fibonacci levels via our chart as well as the Volume at Price-based diagram via Twitter.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.