AUD/USD Technical Analysis: Wedged in Familiar Territory
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- 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.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com