AUD/USD Technical Analysis: Selloff Extends for Fifth Day
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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 moved lower for a fifth consecutive day against its US namesake, with sellers claiming a foothold below the 0.79 figure. Near-term support is at 0.7847, 50% Fibonacci expansion, with a break below that on a daily closing basis exposing the 61.8% Fib retracement at 0.7773. Alternatively, a reversal above the 38.2% Fib at 0.7922 opens the door for a test of the 23.6% expansion at 0.8014.
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
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.