AUD/USD Technical Analysis: Oscillating in Choppy Range
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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 remains locked in choppy consolidation below the 0.79 figure against its US counterpart. A daily close above the 23.6% Fibonacci retracementat 0.7783 exposes the 38.2% level at 0.7881. Alternatively, a reversal below the 23.6% Fib expansion at 0.7717opens the door for a test of the 38.2% threshold at 0.7619.
Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.
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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.