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AUD/USD Technical Analysis: Rebound in the Cards Ahead?

AUD/USD Technical Analysis: Rebound in the Cards Ahead?

2014-12-29 00:06:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support:0.8085, 0.8012, 0.7895
  • Resistance:0.8202, 0.8281, 0.8401

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 0.8202, the December 18 high, with a break above that on a daily closing basis exposing the 23.6% Fibonacci retracement at 0.8281. Alternatively, a reversal below the 14.6% Fib expansion at 0.8085 clears the way for a challenge of the 23.6% threshold at 0.8012. Positive RSI divergence hints at ebbing bullish momentum and warns a bounce may be ahead.

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: Rebound in the Cards 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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