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AUD/USD Technical Analysis: Signs of Coming Bounce Remain

AUD/USD Technical Analysis: Signs of Coming Bounce Remain

2015-02-05 00:52:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support:0.7750, 0.7685, 0.7581
  • Resistance:0.7802, 0.7855, 0.7920

The Australian Dollar is treading water against its US counterpart, but positive RSI divergence hints a recovery may be brewing ahead. A daily close above the 50% Fibonacci expansionat 0.7802 exposes the 38.2% level at 0.7855. Alternatively, a turn below the 61.8% Fibat 0.7750opens the door for a test of the 76.4% expansion at 0.7685.

An actionable trade setup is absent at this point, arguing against committing to a directional bias on long or short side. We will continue to stand aside for now, waiting for a clear-cut trading opportunity to present itself in the days ahead.

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AUD/USD Technical Analysis: Signs of Coming Bounce Remain

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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