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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.

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

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

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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