AUD/USD Technical Analysis: Stalling at Range Resistance
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- AUD/USD Technical Strategy: Flat
- Support:0.7783, 0.7717, 0.7619
- Resistance:0.7881, 0.7960, 0.8039
The Australian Dollar paused to consolidate, snapping four days of consecutive gains against its US counterpart. Near-term resistance is at 0.7881, the 38.2% Fibonacci retracement, with a break above that on a daily closing basis exposing the 0.7934-60 area (50% level, falling trend line). Alternatively, a turn below the 23.6% retracement at 0.7783clears the way for a challenge of the 23.6% Fib expansion at 0.7717.
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.