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AUD/USD Technical Analysis: Stalling Near 0.77 Figure

AUD/USD Technical Analysis: Stalling Near 0.77 Figure

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, 0.7900, 0.8058

The Australian Dollar is digesting gains near the middle of a now-familiar range below the 0.79 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 0.7857-7900 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.

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

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AUD/USD Technical Analysis: Stalling Near 0.77 Figure

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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