AUD/USD Technical Analysis: Working on 7th Straight Decline
To receive Ilya's analysis directly via email, please SIGN UP HERE
- AUD/USD Technical Strategy: Flat
- Support:0.8263, 0.8137, 0.7934
- Resistance:0.8364, 0.8466, 0.8592
The Australian Dollar continues to push downward against its US counterpart, hitting the lowest level in over four years. A daily close below the 61.8% Fibonacci expansionat 0.8263 exposes the 76.4% level at 0.8137. Alternatively, a reversal above the 50% Fib at 0.8364 opens the door for a challenge of the 38.2% expansion at 0.8466.
Risk/reward considerations argue against entering short with prices in close proximity to support. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. We will remain flat for now, waiting for a more actionable opportunity to present itself.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
Daily Chart - Created Using FXCM Marketscope
--- 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.