AUD/USD Technical Analysis: Aussie Drops Most in Six Weeks
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- AUD/USD Technical Strategy: Flat
- Support:0.8089, 0.8022, 0.7938
- Resistance:0.8157, 0.8240, 0.8291
The Australian Dollar continues to push downward against its US namesake, with prices recording the largest daily decline in six weeks. A daily close below the intersection of channel floor support and the 50% Fibonacci expansion at 0.8089 exposes the 61.8% level at 0.8022. Alternatively, a reversal above the 38.2% Fib at 0.8157 clears the way for a challenge of 0.8240, marked by the channel top and the 14.6% expansion.
The available trading range is too narrow to justify a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain on the sidelines for now and wait for a more actionable opportunity to present itself.
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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.