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AUD/USD Technical Analysis: Aussie Bounce Hinted Ahead

AUD/USD Technical Analysis: Aussie Bounce Hinted Ahead

2014-12-24 04:37:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support:0.8102, 0.8040, 0.7939
  • Resistance:0.8126, 0.8202, 0.8287

The Australian Dollar may be readying to bounce against its US namesake as negative RSI divergence points to ebbing downside momentum. A daily close above channel top resistance at 0.8126 exposes the December 18 high at 0.8202. Alternatively, a reversal below the 14.6% Fibonacci expansion at 0.8102 clears the way for a challenge of the 23.6% level at 0.8040.

Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now, waiting for a more actionable opportunity to present itself.

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AUD/USD Technical Analysis: Aussie Bounce Hinted Ahead

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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