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AUD/USD Technical Analysis: Support Found Above 0.81

AUD/USD Technical Analysis: Support Found Above 0.81

2014-12-19 01:14:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support:0.8106, 0.8050, 0.7960
  • Resistance:0.8207, 0.8269, 0.8369

The Australian Dollar continues found support above the 0.81 figure after issuing the largest daily drop in six weeks against its US namesake. Near-term resistance is at 0.8207, the 14.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 23% level at 0.8269. Alternatively, a reversal below the December 17 low at 0.8106 opens the door for a test of channel floor support at 0.8050.

Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind, we will remain flat for now.

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AUD/USD Technical Analysis: Support Found Above 0.81

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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