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AUD/USD Technical Analysis: Passing on Long Trade Setup

AUD/USD Technical Analysis: Passing on Long Trade Setup

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support: 0.7559, 0.7421, 0.7262
  • Resistance:0.7733, 0.7912, 0.8058

The Australian Dollar may be carving out a double bottom above the 0.75 figure against its US counterpart. Near-term resistance is at 0.7733, the 14.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 0.7857-7912 area (23.6% level, February 26 high). Alternatively, a turn below the March 11 low at 0.7559 clears the way for a challenge of the 38.2% Fib expansion at 0.7421.

While entering long is tempting from a purely technical perspective, we will opt to pass on the trade. Conflicting cues surrounding the upcoming RBA monetary policy announcement spell volatility that may derail technical positioning ahead. With that in mind, we will continue to stand aside.

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AUD/USD Technical Analysis: Passing on Long Trade Setup

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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