AUD/USD Technical Analysis: Aussie Drifts Toward Range Top

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Talking Points:

• AUD/USD Technical Strategy: Flat
• Support:0.7783, 0.7717, 0.7619
• Resistance:0.7881, 0.7960, 0.8039

The Australian Dollar advanced for a second consecutive day against its US namesake, moving toward the top of its recent range anew. 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.

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