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Talking Points:
- AUD/USD Technical Strategy: Flat
- Support: 0.8057, 0.7993, 0.7885
- Resistance:0.8121, 0.8200, 0.8328
The Australian Dollar paused to consolidate gains against its US namesake having found resistance below the 0.82 figure. Near-term resistance is at 0.8121, the 61.8% Fibonacci expansion, with a break above that on a daily closing basis exposing the 76.4% level at 0.8200. Alternatively, a reversal below the 50% Fib at 0.8057 opens the door for a test of the 38.2% expansion at 0.7993.
Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
