AUD/USD Technical Analysis: Testing 0.80 Mark Once Again
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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 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.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com