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AUD/USD Technical Analysis: Support Found Below 0.79

AUD/USD Technical Analysis: Support Found Below 0.79

2015-01-28 05:23:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support:0.7855, 0.7751, 0.7623
  • Resistance:0.8031, 0.8137, 0.8256

The Australian Dollar rose against its US counterpart as expected after prices produced a Hammer candlestick. A daily close above the 0.8006-31 area marked by the 14.6% Fibonacci retracement and the January 7 low exposes the 0.8100-37 region (23.6% level, falling trend line). Alternatively, a reversal below the 50% Fibexpansion at 0.7855opens the door for a test of the 61.8% expansion at 0.7751.

Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the long side is premature. We will remain flat for now, waiting for a more actionable opportunity to present itself.

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

AUD/USD Technical Analysis: Support Found Below 0.79

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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