AUD/USD Technical Analysis: Cautiously Edging Downward
To receive Ilya's analysis directly via email, please SIGN UP HERE
- AUD/USD Technical Strategy: Flat
- Support: 0.7714, 0.7559, 0.7421
- Resistance:0.7878, 0.8075, 0.8235
The Australian Dollar is sliding downward against its US counterpart as expected after producing a Doji candlestick. Near-term resistance-turned-support at 0.7714 exposes the 0.7559-7618 area (23.6% Fibonacci expansion, March 11 low). Alternatively, a push above the 23.6% Fibonacci retracement at 0.7878 clears the way for a challenge of the 38.2% level at 0.8075.
An actionable trade setup is absent at this point, arguing against committing to a directional bias on long or short side. We will continue to stand aside for now, waiting for a clear-cut trading opportunity to present itself in the days ahead.
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.