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AUD/USD Technical Analysis: Aussie Drops Most in Six Weeks

AUD/USD Technical Analysis: Aussie Drops Most in Six Weeks

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • 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.

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

AUD/USD Technical Analysis: Aussie Drops Most in Six Weeks

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.

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