AUD/USD Oscillating Around the 1.03 Figure
AUD/USD Technical Strategy: Flat
Prices are rebounding from support at 1.0233, the 38.2% Fibonacci expansion, to test above the 23.6% level at 1.0287. A confirmed break upward exposes the February 15 high at 1.0374. Alternatively, a move below 1.0233 aims for the 50% Fib at 1.0189. Risk/reward considerations argue against a trade at current levels and we will remain on the sidelines for the time being.
Daily Chart - Created Using FXCM Marketscope 2.0
Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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