AUD/USD Technical Analysis: Support Found Below 0.78
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- AUD/USD Technical Strategy: Flat
- Support:0.7751, 0.7623, 0.7416
- Resistance:0.7855, 0.7959, 0.8031
The Australian Dollar is stalling against its US namesake having found interim support below the 0.78 figure. Near-term support is at 0.7751, the 61.8% Fibonacci expansion, with a break below that on a daily closing basis exposing the 76.4% level at 0.7623. Alternatively, a turn above the 50% Fibexpansion at 0.7855clears the way for a challenge of the 38.2% expansion at 0.7959.
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.
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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.