AUD/USD Technical Analysis: Rebound Rejected at 0.80
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- AUD/USD Technical Strategy: Flat
- Support: 0.7867, 0.7803, 0.7739
- Resistance:0.7993, 0.8075, 0.8121
The Australian Dollar turned lower anew, snapping three days of consecutive gains against its US counterpart. Near-term support is at 0.7867, the 38.2% Fibonacci retracement, with a break below that on a daily closing basis exposing the 50% level at 0.7803. Alternatively, a turn above the 38.2% Fib expansion at 0.7993 opens the door for a test of the 0.8057-75 area (50% expansion, April 29 high).
Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests that taking up the long 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.