AUD/USD Technical Analysis: Aussie Rallies Most in 2 Weeks
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- AUD/USD Technical Strategy: Flat
- Support: 0.8057, 0.7993, 0.7885
- Resistance:0.8121, 0.8200, 0.8328
The Australian Dollar moved swiftly higher against its US counterpart, producing the largest daily advance in two weeks. A daily close above the 61.8% Fibonacci expansion at 0.8121 exposes the 76.4% level at 0.8200. Alternatively, a reversal below the 50% Fib at 0.8057 clears the way for a challenge of the 38.2% expansion at 0.7993.
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
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.