AUD/USD Technical Analysis: Choppy Consolidation Continues
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- AUD/USD Technical Strategy: Flat
- Support:0.7685, 0.7581, 7476
- Resistance:0.7750, 0.7802, 0.7881
The Australian Dollar remains locked in choppy consolidation above the 0.76 figure against its US counterpart. A daily close above the 61.8% Fibonacci expansion at 0.7750 exposes the 50% level at 0.7802. Alternatively, a turn below the 76.4% Fib at 0.7685opens the door for a test of the 100% expansion at 0.7581.
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
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.