AUD/USD Technical Analysis: Longest Loss Streak in Decades
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- AUD/USD Technical Strategy: Flat
- Support:0.8263, 0.8137, 0.7934
- Resistance:0.8364, 0.8466, 0.8592
The Australian Dollar fell for a seventh consecutive day against its US namesake, making for the longest streak in at least 21 years. Near-term support is at 0.8263, the 61.8% Fibonacci expansion, with a break below that on a daily closing basis exposing the 76.4% level at 0.8137. Alternatively, a turn above the 50% Fib at 0.8364 clears the way for a test of the 38.2% expansion at 0.8466.
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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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.