AUD/USD Technical Analysis: Range Floor Above 0.75 Tested
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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 continues to tread water near the middle of a now-familiar range 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 0.7857-7900 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.
An actionable trade setup is absent at this point, arguing against committing to a directional bias on long or short side. We will continue to stand aside for now, waiting for a clear-cut trading opportunity to present itself in the days ahead.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com