AUD/USD Technical Analysis: Support Now Below 0.79
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- AUD/USD Technical Strategy: Flat
- Support: 0.7847, 0.7773, 0.7681
- Resistance:0.7922, 0.8014, 0.8070
The Australian Dollar continued to push lower against its US counterpart, issuing the largest daily decline in three weeks. A daily close below the 50% Fibonacci retracement at 0.7872 exposes the 61.8% level at 0.7773. Alternatively, a turn above the 38% Fib at 0.7922 clears the way for a test the 23.6% retracement at 0.8014.
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