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AUD/USD Technical Analysis: Waiting for Direction Cues

AUD/USD Technical Analysis: Waiting for Direction Cues

2015-02-15 23:11:00
Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • 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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AUD/USD Technical Analysis: Waiting for Direction Cues

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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