AUD/USD Technical Analysis: Waiting for Direction Cues
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- AUD/USD Technical Strategy: Flat
- Support:0.7717, 0.7619, 0.7540
- Resistance:0.7783, 0.7881, 0.7960
The Australian Dollar is waiting for direction against its US namesake cues as prices oscillate in a narrow, choppy range. Near-term resistance is at 0.7783, the 23.6% Fibonacci retracement, with a break above that on a daily closing basis exposes the 38.2% level at 0.7881. Alternatively, a turn below the 23.6% Fib expansion at 0.7717clears the way for a challenge of the 38.2% threshold at 0.7619.
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