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AUD/USD Technical Analysis: Trying to Clear Path Above 0.83

AUD/USD Technical Analysis: Trying to Clear Path Above 0.83

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support:0.8094, 0.8020, 0.7900
  • Resistance:0.8241, 0.8369, 0.8472

The Australian Dollar is advanced as expected against its US namesake after showing a Hammer candlestick bolstered by positive RSI divergence. Near-term resistance is in the 8214-41 area, marked by the December 31 high and the 23.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 38.2% level at 0.8369. Alternatively, a reversal below the 14.6% Fib expansion at 0.8094 opens the door for a test of the 23.6% threshold at 0.8020.

Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind, we will remain flat for now.

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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.

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