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AUD/USD Technical Analysis: Stalling Above 0.82 Figure

AUD/USD Technical Analysis: Stalling Above 0.82 Figure

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support:0.8171, 0.8031, 0.7959
  • Resistance:0.8239, 0.8367, 0.8471

The Australian Dollar advanced against its US counterpart as expected after showing 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 0.8171 opens the door for a test of the January 7 low at 0.8031.

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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AUD/USD Technical Analysis: Stalling Above 0.82 Figure

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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