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Talking Points:
- AUD/USD Technical Strategy: Flat
- Support:0.7751, 0.7623, 0.7416
- Resistance:0.7855, 0.7959, 0.8034
The Australian Dollar may be preparing to turn higher against its US namesake as positive RSI divergence points to ebbing downside momentum. Near-term resistance is at 0.7855, the 50% Fibonacci expansion, with a break above that on a daily closing basis exposing the 38.2% level at 0.7959. Alternatively, a turn below the 61.8% Fibat 0.7751clears the way for a challenge of the 76.4% expansion at 0.7623.
The available trading range is too narrow to justify entering a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
