AUD/USD Technical Analysis: Stalling Below Key Trend Line
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- AUD/USD Technical Strategy: Flat
- Support:0.7754, 0.7656, 0.7577
- Resistance:0.7814, 0.7854, 0.7912
The Australian Dollar may be preparing to move lower anew against its US namesake after producing a Bearish Engulfing candlestick pattern. Near-term support is at 0.7754, the 23.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 38.2% level at 0.7656. Alternatively, a turn above the 14.6% level at 0.7814 clears the way for a challenge of falling trend line resistance at 0.7854.
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