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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

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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support:0.8148, 0.8031, 0.7955
  • Resistance:0.8239, 0.8367, 0.8471

The Australian Dollar advanced against its US counterpart as expected after shoring a Hammer candlestick bolstered by positive RSI divergence. Near-term resistance is at 0.8239, the 23.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 38.2% level at 0.8367. Alternatively, a reversal below rising trend line support at 0.8148 opens the door for a test of the 23.6% threshold at 0.8047.

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!

Daily Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.