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AUD/USD Technical Analysis: Wedged in Familiar Territory

AUD/USD Technical Analysis: Wedged in Familiar Territory

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support:0.7754, 0.7715, 0.7656
  • Resistance:0.7814, 0.7866, 0.7912

The Australian Dollar may be readying to resume the down trend against its US counterpart after putting in a Bearish Engulfing candlestick pattern. A daily close below the 23.6% Fibonacci expansion at 0.7754 exposes range support at 7715. Alternatively, a reversal above the 14.6% level at 0.7814 opens the door for a test of falling trend line resistance at 0.7866.

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.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

AUD/USD Technical Analysis: Wedged in Familiar Territory

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.

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