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AUD/USD Technical Analysis: Testing 0.80 Mark Once Again

AUD/USD Technical Analysis: Testing 0.80 Mark Once Again

2015-05-07 05:31:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support: 0.7914, 0.7865, 0.7786
  • Resistance:0.7993, 0.8057, 0.8121

The Australian Dollar is probing above the 0.80 figure anew having bounced upward following the RBA monetary policy announcement. A daily close above the 38.2% Fibonacci expansion at 0.7993 exposes the 50% level at 0.8057. Alternatively, a turn below the 23.6% Fib at 0.7914 clears the way for a challenge of the 14.6% expansion at 0.7865.

Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now, waiting for an actionable opportunity to present itself.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

AUD/USD Technical Analysis: Testing 0.80 Mark Once Again

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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