AUD/USD Technical Analysis: Support Found Below 0.85
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- AUD/USD Technical Strategy: Flat
- Support:0.8466, 0.8364, 0.8263
- Resistance:0.8592, 0.8669, 0.8795
The Australian Dollar stalled after dropping to a four-year low against its US counterpart, finding support below the 0.85 figure. A daily close below the 38.2% Fibonacci expansionat 0.8466 exposes the 50% level at 0.8364.Alternatively, a reversal above the 0.8552-92 area marked by the November 6 low and the 23.6% Fib opens the door for a challenge of the 0.8659-69 zone (January 2014 low, 14.6% expansion).
The available trading range is too narrow to justify taking a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain flat for the time being and wait for an actionable opportunity to present itself.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com