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AUD/USD Technical Analysis: Waiting for Clear Direction Cues

AUD/USD Technical Analysis: Waiting for Clear Direction Cues

2015-01-07 02:27:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support:0.8020, 0.7900, 0.7803
  • Resistance:0.8094, 0.8214, 0.8288

The Australian Dollar continues to tread water above the 0.80 figure against its US counterpart after touching the weakest level in five years. A daily close above the 14.6% Fibonacci expansion at 0.8094 exposes the December 31 highat 0.8214. Alternatively, a turn below the 23.6% level at 0.8020 clears the way for a challenge of the 38.2% Fib at 0.8012.

Prices are wedged too closely between immediate support and resistance barriers to justify entering a trade on the long or short side from a risk/reward perspective. We will remain flat for now, waiting for a more attractive opportunity to present itself.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

AUD/USD Technical Analysis: Waiting for Clear Direction Cues

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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