AUD/USD Technical Analysis: Range Resistance Back in Play
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- AUD/USD Technical Strategy: Flat
- Support: 0.7706, 0.7559, 0.7459
- Resistance:0.7900, 0.8058, 0.8221
The Australian Dollar is hovering near the top of its two-month range against its US namesake once again. 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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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.