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AUD/USD Technical Analysis: Standstill Above 0.75 Continues

AUD/USD Technical Analysis: Standstill Above 0.75 Continues

2015-04-03 02:00:00
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, 0.7937, 0.8042

The Australian Dollar edged lower against its US namesake as expected after putting in a Doji candlestick. A daily close below the 0.7559-7618 area (23.6% Fibonacci expansion, March 11 low) exposes the 38.2% level at 0.7421.Alternatively, a reversal above the 14.6% expansion at 0.7740opens the door for a test of the March 24 high at 0.7937.

Risk/reward considerations argue against entering short with prices in close proximity to support. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. We will remain flat for now, waiting for a more actionable opportunity to present itself.

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AUD/USD Technical Analysis: Standstill Above 0.75 Continues

Daily Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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