AUD/USD Technical Analysis: Aussie Pauses to Digest Losses
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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 paused to digest losses against its US namesake, snapping a five-day losing streak. A daily close below 50% Fibonacci retracementat 0.7847 exposes the 61.8% level at 0.7773. Alternatively, a move above the 38.2% Fib at 0.7922 clears the way for a challenge of the 23.6% expansion at 0.8014.
Positioning is inconclusive at this point, with prices offering no clear-cut and actionable signal to initiate a long or short trade. We will continue to remain on the sidelines for the time being, waiting for a compelling opportunity to present itself.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com