AUD/USD Technical Analysis: Treading Water Below 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 continues to consolidate below the 0.80 figure against its US namesake as prices await direction cues. A daily close below the 38.2% Fibonacci retracementat 0.7867 exposes the 50% level at 0.7803. Alternatively, a reversal above the 38.2% Fib expansion at 0.7993 clears the way for a challenge of the 0.8057-75 area (50% expansion, April 29 high).
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