AUD/USD Technical Analysis: Sellers Rejected at 0.78 Level
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- AUD/USD Technical Strategy: Flat
- Support: 0.7914, 0.7865, 0.7786
- Resistance:0.7993, 0.8057, 0.8121
The Australian Dollar launched a recovery against the US Dollar following the RBA monetary policy announcement. Near-term resistance is at 0.7993, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 0.8057. Alternatively, a turn below the 23.6% Fib at 0.7914 opens the door for a test of the 14.6% expansion at 0.7865.
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
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.