AUD/USD Technical Analysis: Passing on Selling Opportunity
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- AUD/USD Technical Strategy: Flat
- Support:0.8479, 0.8377, 0.8251
- Resistance:0.8581, 0.8659, 0.8772
The Australian Dollar moved lower as expected against its US counterpart after prices produced a Bearish Engulfing candlestick pattern. A daily close below the 50% Fibonacci expansion at 0.8479 exposes the 61.8% level at 0.8377. Alternatively, a reversal above the 38.2% Fib at 0.8581 opens the door for a challenge of support-turned-resistance marked by the January swing low at 0.8659.
Entering short is very tempting from a technical perspective. However, we will tactically opt to stand aside considering the looming event risk represented by the US Employment report, which may drive significant US Dollar volatility and derail technical considerations.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com