AUD/USD Technical Analysis: Attempting to Start Recovery
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- AUD/USD Technical Strategy: Flat
- Support:0.8085, 0.8012, 0.7895
- Resistance:0.8202, 0.8281, 0.8401
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 the December 18 highat 0.8202 exposes the 23.6% Fibonacci retracement at 0.8281. Alternatively, a turn below the 14.6% Fib expansion at 0.8085 clears the way for a challenge of the 23.6% threshold at 0.8012.
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.