To receive Ilya's analysis directly via email, please SIGN UP HERE
Talking Points:
- AUD/USD Technical Strategy: Flat
- Support:0.7855, 0.7751, 0.7623
- Resistance:0.7959, 0.8031, 0.8087
The Australian Dollar is working on the sixth consecutive decline against its US counterpart, with sellers trying to clear a path below the 0.78 figure. A daily close below the 50% Fibonacci expansion at 0.7855 exposes the 61.8% level at 0.7751. Alternatively, a reversal above the 38.2% Fib at 0.7959 clears the way for a challenge of support-turned-resistance at 0.8031, the January 7 low.
Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests that taking up the long 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.com
