AUD/USD Technical Analysis: Waiting for Direction Clarity
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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 remains locked in a familiar range below the 0.79 figure against its US counterpart as prices await defined direction cues. A daily close above the 38.2% Fibonacci retracement at 0.7881 exposes the intersection of the 50% level and a falling trend line at 0.7960. Alternatively, a reversal below the 23.6% retracement at 0.7783 opens the door for a test of the 23.6% Fib expansion at 0.7717.
Positioning is inconclusive at this point, with prices offering no clear-cut and actionable signal to initiate a long or short trade. We will continue to remain on the sidelines for the time being, waiting for a compelling opportunity to present 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.