Forex: AUD/USD Technical Analysis – Rally Extends for Fifth Day
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- AUD/USD Technical Strategy: Flat
- Support: 0.9233 (50% Fib exp.), 0.9177 (38.2% Fib exp.)
- Resistance: 0.9290 (61.8% Fib exp.), 0.9360 (76.4% Fib exp.)
The Australian Dollar continued to push higher for a fifth consecutive day against its US counterpart, taking out resistance at 0.9233 marked by the 50% Fibonacci expansion. The pair now aims to test the 61.8% level at 0.9290, with a break above that targeting the 76.4% Fib at 0.9360. Alternatively, a reversal back below 0.9233 aims for the 38.2% expansion at 0.9177.
An available 57 pip trading range between near-term support and resistance given a 76 pip 20-day ATR reading argues against taking a trade a risk/reward basis. With that in mind, we will continue to stand aside until something more attractive presents itself.
Daily Chart - Created Using FXCM Marketscope 2.0
--- 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.