AUD/USD Technical Analysis: Still Locked in Consolidation
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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. Near-term resistance is at 0.7881, the 38.2% Fibonacci retracement, with a break above that on a daily closing basis exposing 0.7960 (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.
An actionable trade setup is absent at this point, arguing against committing to a directional bias on long or short side. We will continue to stand aside for now, waiting for a clear-cut trading opportunity to present itself in the days ahead.
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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.