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AUD/USD Technical Analysis: Targeting Below 0.80 Figure

AUD/USD Technical Analysis: Targeting Below 0.80 Figure

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support:0.7959, 0.7855, 0.7751
  • Resistance:0.8031, 0.8087, 0.8166

The Australian Dollar declined for a fourth consecutive day against its US namesake, with sellers now aiming below the 0.80 figure. Near-term support is at 0.7959, the 38.2% Fibonacci expansion, with a break below that on a daily closing basis exposing the 50% level at 0.7855. Alternatively, a reversal above support-turned-resistance marked by the January 7 low at 0.8031 opens the door for a test of the 23.6% Fib at 0.8087.

Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.

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.com

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

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