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AUD/USD Technical Analysis: Flat Before RBA Rate Decision

AUD/USD Technical Analysis: Flat Before RBA Rate Decision

2014-08-04 22:24:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support:0.9282, 0.9223-45, 0.9085
  • Resistance: 0.9324-44, 0.9437-60, 0.9504

The Australian Dollar declined against its US counterpart as expected after prices produced a bearish Dark Cloud Cover candlestick pattern. A daily close below support at 0.9282, the bottom of a falling channel set from the July 1 high, exposes the 0.9223-45 area marked by a range bottom in play since March and the 23.6% Fibonacci expansion. Alternatively, a turn above the 0.9324-44 zone bracketed by a horizontal pivot and the 14.6% level clears the way for a test of the channel top at 0.9437.

We are tactically opting to stand aside as the RBA monetary policy announcement looms in the hours ahead, choosing not to commit to market risk until after the outcome is revealed and its impact digested by price action. As such, we remain flat.

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AUD/USD Technical Analysis: Flat Before RBA Rate Decision

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.

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