AUD/USD Technical Analysis: Aussie Drops to 4-Year Low
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- AUD/USD Technical Strategy: Flat
- Support:0.8157, 0.8089, 0.8022
- Resistance:0.8291, 0.8375, 0.8468
The Australian Dollar has dipped to a four-year low against its US namesake, with sellers threatening to clear a path below the 0.8200 figure. Near-term support is at 0.8240, the 23.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 38.2% level at 0.8157. Alternatively, a turn above the intersection of falling channel top resistance and the 14.6% Fib at 0.8291 opens the door for a challenge of the December 11 high at 0.8375.
An actionable trade setup is absent for the time being. On one hand, a break below support is yet to be confirmed while on the other a defined bullish reversal signal is absent. We will stand aside, waiting for the pair to produce a better-defined opportunity.
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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.