AUD/USD Technical Analysis: Bulls Lose Grip on 0.93 Mark
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- AUD/USD Technical Strategy: Flat
- Support:0.9277, 0.9244, 0.9212
- Resistance: 0.9300, 0.9340, 0.9371
The Australian Dollar broke upward against its US namesake as expected, completing a Falling Wedge chart formation. Prices have since corrected downward to retest support at 0.9277, the 14.6% Fibonacci retracement. A daily close below that exposes 0.9244, the confluence of the 38.2% Fib expansion, the Wedge top and a rising trend line set from early April. Alternatively, a reversal above the 23.6% retracement at 0.9300 clears the way for a test of the 38.2% threshold at 0.9340.
Prices are wedged too closely between near-term support and resistance to justify taking a trade from a risk/reward perspective. We will stand aside for the time being, waiting for a more attractive setup to present itself.
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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.