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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 may be preparing to turn higher against its US namesake as positive RSI divergence points to ebbing downside momentum. Near-term resistance is at 0.7802, the 50% Fibonacci expansion, with a break above that on a daily closing basis exposing the 38.2% level at 0.7855. Alternatively, a reversal below the 61.8% Fibat 0.7750clears the way for a challenge of the 76.4% expansion at 0.7685.
Positioning is inconclusive at this point, with prices offering no clear-cut and actionable signal to initiate a long or short trade. We will continue to remain on the sidelines for the time being, waiting for a compelling opportunity to present itself.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
