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Talking Points:
- AUD/USD Technical Strategy: Flat
- Support: 0.7728, 0.7559, 0.7421
- Resistance:0.7878, 0.8075, 0.8235
The Australian Dollar edged lower against its US namesake as expected after putting in a Doji candlestick but firm reversal confirmation remains absent. A daily close below resistance-turned-support at 0.7728 exposes the 0.7559-7618 area (23.6% Fibonacci expansion, March 11 low).Alternatively, a reversal above the 23.6% Fib retracement at 0.7878clears the way for a challenge of the 38.2% level at 0.8075.
Positioning is inconclusive at this point, with prices offering no clear-cut and actionable signal to initiate a long or short trade. We will continue to remain on the sidelines for the time being, waiting for a compelling opportunity to present itself.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
