AUD/USD Technical Analysis: Waiting for Clear-Cut Signal
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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.
Positioning is inconclusive at this point, with prices offering no clear-cut and actionable signal to initiate a long or short trade. We will continue to remain on the sidelines for the time being, waiting for a compelling 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.