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AUD/USD Technical Analysis: Waiting for Clear Breakout

AUD/USD Technical Analysis: Waiting for Clear Breakout

2014-12-23 00:49:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • 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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AUD/USD Technical Analysis: Waiting for Clear Breakout

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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