AUD/USD Technical Analysis: Support Found Above 0.81
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- 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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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.