AUD/USD Technical Analysis: Key Range Top Under Fire
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- AUD/USD Technical Strategy: Flat
- Support: 0.7715, 0.7559, 0.7460
- Resistance:0.7900, 0.8058, 0.8221
The Australian Dollar has set its sights on the top of its now-familiar range near the 0.79 figure against its US counterpart. Near-term resistance is in the 0.7857-7900 area (23.6% level, February 25 high), with a break above that on a daily closing basis exposing the 38.2% level at 0.8059.Alternatively, a reversal below the 0.7715-33 zone (14.6% Fib, horizontal pivot) opens the door for a test of the range floor at 0.7559.
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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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com