To receive Ilya's analysis directly via email, please SIGN UP HERE
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.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com