AUD/USD Technical Analysis: Moving to Down Trend Bound
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- AUD/USD Technical Strategy: Flat
- Support:0.9338, 0.9282, 0.9244
- Resistance: 0.9369, 0.9390-0.9401, 0.9440
The Australian Dollar advanced as expected against its US counterpart, with the pair pushing toward the top of its near-term down trend. A daily close above the 50% Fibonacci expansionat 0.9369 exposes a rising channel top at 0.9390, followed by the 61.8% level at 0.9401. Alternatively, a turn below the 38.2% retracement at 0.99338 clears the way for a test of the 23.6% Fib expansion at 0.9282.
Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. With that in mind we will remain flat for now.
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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.