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AUD/USD Technical Analysis: Oscillating in Familiar Territory

AUD/USD Technical Analysis: Oscillating in Familiar Territory

2014-09-08 04:00:00
Ilya Spivak, Sr. Currency Strategist

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Talking Points:

  • 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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AUD/USD Technical Analysis: Oscillating in Familiar Territory

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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