AUD/USD Technical Analysis: Waiting for Clear Breakout
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- AUD/USD Technical Strategy: Flat
- Support:0.8106, 0.8000, 0.7938
- Resistance:0.8151, 0.8207, 0.8269
The Australian Dollar continues to oscillate in a narrow range having found support above the 0.81 figure against its US namesake. Near-term resistance is at 0.8151, a falling channel top, with a break above that on a daily closing basis exposing 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 0.8000.
Positioning is inconclusive at this point, with prices offering no clear-cut and actionable signal to initiate a long or short trade. We will continue to remain on the sidelines for the time being, waiting for a compelling 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.