AUD/USD Technical Analysis: Resistance Above 0.77 at Risk
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- AUD/USD Technical Strategy: Flat
- Support: 0.7559, 0.7421, 0.7262
- Resistance:0.7733, 0.7900, 0.8058
The Australian Dollar may be starting to form a double bottom above the 0.75 figure against its US namesake. A daily close above the 14.6% Fibonacci retracementat 0.7733 exposes the 0.7857-0.7900 area (23.6% level, February 25 high).Alternatively, a turn below the March 11 low at 0.7559clears the way for a challenge of the 38.2% Fib expansion at 0.7421.
Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now, waiting for a more actionable opportunity to present itself.
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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.