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AUD/USD Technical Analysis: Range-Bound Near Monthly Low

AUD/USD Technical Analysis: Range-Bound Near Monthly Low

2014-11-25 00:02:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support:0.8592, 0.8540, 0.8466
  • Resistance:0.8669, 0.8743, 0.8867

The Australian Dollar remains in digestion mode against its US counterpart, with prices oscillating in a narrow range above November’s swing bottom. A daily close below the 23.6% Fibonacci expansionat 0.8592 exposes the November 7 low at 0.8540. Alternatively, a reversal above the 0.8659-69 area marked by the January 2014 lowand the 14.6% expansion opens the door for a challenge of the 23.6% Fib retracement at 0.8743.

Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests that taking up the long side is premature. With that in mind we will remain flat for now.

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AUD/USD Technical Analysis: Range-Bound Near Monthly Low

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.

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