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AUD/USD Technical Analysis: Channel Resistance Pressured

AUD/USD Technical Analysis: Channel Resistance Pressured

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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support: 0.7649, 0.7528, 0.7330
  • Resistance:0.7760, 0.7878, 0.8075

The Australian Dollar is working to overturn a five-month down trend against its US counterpart. Near-term channel top resistance is at 0.7760, with a break above that on a daily closing basis exposes the 23.6% Fibonacci retracement at 0.7878. Alternatively, a move belowthe 14.6% Fib expansion at 0.7649clears the way for a challenge of the 0.7528-59 area (23.6% level, March 11 low).

Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind, we will remain flat for now.

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

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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