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AUD/USD Technical Analysis: Readying to Move Higher Anew?

AUD/USD Technical Analysis: Readying to Move Higher Anew?

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support:0.9278, 0.9242, 0.9223
  • Resistance: 0.9305, 0.9348, 0.9383

The Australian Dollar advanced as expected against its US counterpart, confirming the formation of a Falling Wedge chart pattern. Near-term resistance is at 0.9305, the 23.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 38.2% level at 0.9348. Alternatively, a reversal below the 14.6% Fib at 0.9278 clears the way for a test of 0.9242, the intersection of the broken Wedge top and a rising trend line set from early April. Positive RSI divergence argues in favor of an upside scenario.

The available trading range is too narrow to justify taking a short or a long position at current levels from a risk/reward perspective. We will remain flat for now, waiting for a more attractive opportunity to present itself.

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AUD/USD Technical Analysis: Readying to Move Higher Anew?

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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