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AUD/USD Technical Analysis: Familiar Range Floor Under Fire

AUD/USD Technical Analysis: Familiar Range Floor Under Fire

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support: 0.7559, 0.7421, 0.7262
  • Resistance:0.7740, 0.7878, 0.8075

The Australian Dollar is sliding downward against its US counterpart as expected after producing a Doji candlestick. Near-term support is in the 0.7559-7618 area (23.6% Fibonacci expansion, March 11 low), with a break below that on a daily closing basis exposing the 38.2% level at 0.7421.Alternatively, a push above the 14.6% expansion at 0.7740clears the way for a challenge of the 23.6% Fib retracement at 0.7878.

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

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AUD/USD Technical Analysis: Familiar Range Floor Under Fire

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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