AUD/USD Technical Analysis: Digesting Above 0.81 Figure
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- AUD/USD Technical Strategy: Flat
- Support:0.8106, 0.8026, 0.7938
- Resistance:0.8174, 0.8207, 0.8269
The Australian Dollar is in digestion mode having found support above the 0.81 figure against its US counterpart. A daily close above channel top resistance at 0.8174 exposes the 14.6% Fibonacci retracement at 0.8207. Alternatively, a reversal below the December 17 low at 0.8106 clears the way for a challenge of channel floor support at 0.8050.
An actionable trade setup is absent at this point, arguing against committing to a directional bias on long or short side. We will continue to stand aside for now, waiting for a clear-cut trading opportunity to present itself in the days ahead.
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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.