AUD/USD Technical Analysis – Waiting for Cues Above 0.93
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- AUD/USD Technical Strategy: Flat
- Support: 0.9325 (23.6% Fib ret.), 0.9242 (38.2% Fib ret.)
- Resistance: 0.9460-69 (trend line, Apr 10 high)
The Australian Dollar turned lower against its US counterpartas expected after prices produced a Shooting Star candlestick below the 0.95 figure. Near-term support is at 0.9325, the 23.6% Fibonacci retracement, with a break below that initially targeting the 38.2% level at 0.9242. Near-term resistance is in the 0.9460-69 area, marked support-turned-resistance at a rising trend line set from late March and the April 10 high.
Risk/reward considerations argue against taking a short position with prices trading so close to relevant support.We will remain flat for the time being, waiting for a more attractive setup to present itself.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com