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Talking Points:
- AUD/USD Technical Strategy: Flat
- Support: 0.7993, 0.7922, 0.7847
- Resistance:0.8057, 0.8121, 0.8200
The Australian Dollar is correcting cautiously lower against its US counterpart after being rejected below the 0.82 figure. A daily close below the 38.2% Fibonacci expansion at 0.7993 exposes the 38.2% Fib retracement at 0.7922. Alternatively, a push above the 50% expansion at 0.8057 clears the way for a challenge of the 61.8% threshold at 0.8121.
The available trading range is too narrow to justify entering a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
