AUD/USD Technical Analysis: Search for Direction Continues
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- AUD/USD Technical Strategy: Flat
- Support:0.8659, 0.8568, 0.8466
- Resistance:0.8772, 0.8845, 0.8971
The Australian Dollar continues to seesaw in a choppy range against its US counterpart, with a bullish Piercing Line candle pattern hinting a bottom is forming. Near-term is in the 0.8659-94 area, marked by the January 2014 low and the 23.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 38.2% level at 0.8568. Alternatively, a reversal above the 14.6% expansion at 0.8772 targets the 23.6% Fib retracement at 0.8845.
The available trading range is too narrow to justify a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain on the sidelines for now until a more attractive opportunity presents 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.