AUD/USD Technical Analysis: Oscillating in Familiar Territory
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- AUD/USD Technical Strategy: Flat
- Support:0.9265, 0.9223, 0.9149
- Resistance: 0.9381, 0.9434, 0.9504
The Australian Dollar continues tread water in a choppy range below the 0.94 figure against the US Dollar. A daily close above trend line resistance at 0.9381 exposes the 23.6% Fibonacci expansion at 0.9434. Alternatively, a move below upward-sloping trend support set from early April at 0.9265 clears the way for a test of a long-standing range bottom at 0.9223.
Risk/reward considerations argue against entering long with prices pushing up against resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. 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.