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AUD/USD Technical Analysis: Doji Candle Warns of Pullback

AUD/USD Technical Analysis: Doji Candle Warns of Pullback

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support: 0.7739, 0.7559, 0.7451
  • Resistance:0.7878, 0.8075, 0.8235

The Australian Dollar paused to consolidate gains against its US counterpart, with a Doji candlestick hinting a pullback may be ahead. Near-term resistance-turned-support is at 0.7739, with a break below that on a daily closing basis exposing the March 11 lowat 0.7748.Alternatively, a push above the 23.6% Fibonacci retracement at 0.7878clears the way for a challenge of the 38.2% level at 0.8075.

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.

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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.

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