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AUD/USD Technical Analysis: 2-Month Range Top Holding

AUD/USD Technical Analysis: 2-Month Range Top Holding

2015-04-20 20:25:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support: 0.7715, 0.7559, 0.7459
  • Resistance:0.7900, 0.8058, 0.8221

The Australian Dollar is in consolidation mode below familiar range top resistance at the 0.79 figure against its US counterpart. A daily close above the 0.7857-7900 area (23.6% level, February 25 high) exposes the 38.2% level at 0.8059.Alternatively, a turn below the 0.7715-33 zone (14.6% Fib, horizontal pivot) clears the way for a challenge of the range floor at 0.7559.

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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AUD/USD Technical Analysis: 2-Month Range Top Holding

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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