News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
AUD/USD Technical Analysis: Aussie Rebound Hinted Ahead

AUD/USD Technical Analysis: Aussie Rebound Hinted Ahead

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support:0.8020, 0.7900, 0.7803
  • Resistance:0.8094, 0.8214, 0.8285

The Australian Dollar may be preparing to turn higher against its US namesake after putting in a Hammer candlestick coupled with positive RSI divergence. Near-term resistance is at 0.8094, the 14.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the December 31 highat 0.8214. Alternatively, a reversal below the 23.6% level at 0.8020 opens the door for a test of the 38.2% Fib at 0.8012.

The available trading range is too narrow to justify a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain on the sidelines for now and wait for a more actionable opportunity to present itself.

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

AUD/USD Technical Analysis: Aussie Rebound 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.

DISCLOSURES