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AUD/USD Technical Analysis: Range Breakout Under Way?

AUD/USD Technical Analysis: Range Breakout Under Way?

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support: 0.7723, 0.7619, 0.7540
  • Resistance: 0.7783, 0.7881, 0.7960

The Australian Dollar may be preparing to renew the descent against its US namesake as prices threaten to piece two-week range support. Near-term support is at 0.7723, the 14.6% Fibonacci retracement, with a break below that confirmed on a daily closing basis exposing the 38.2% Fib expansion at 0.7619. Alternatively, a reversal above the 23.6% retracement at 0.7783clears the way for a challenge of the 38.2% expansion at 0.7881.

Entering short seems premature absent confirmation of a resistance break. Furthermore, betting on follow-through of a technical breakout is complicated by the proximity of key fundamental event risk by way of January’s Employment report. With that in mind, we will remain flat for now.

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

AUD/USD Technical Analysis: Range Breakout Under Way?

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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