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AUD/USD Technical Analysis: Support Below 0.85 Holding

AUD/USD Technical Analysis: Support Below 0.85 Holding

2014-12-01 21:13:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • 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.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

AUD/USD Technical Analysis: Support Below 0.85 Holding

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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