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AUD/USD Technical Analysis: Sideways Drift Continues

AUD/USD Technical Analysis: Sideways Drift Continues

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 still treading water within the confines 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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AUD/USD Technical Analysis: Sideways Drift Continues

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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