AUD/USD Technical Analysis: Digesting at Three-Week Low
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- AUD/USD Technical Strategy: Flat
- Support: 0.7773, 0.7681, 0.7559
- Resistance:0.7847, 0.7922, 0.8014
The Australian Dollar paused to digest losses against its US namesake after declining to a three-week low. A daily close below the 61.8% Fibonacci expansionat 0.7773 exposes the 76.4% Fib retracement at 0.7681. Alternatively, a turn above the 50% Fib at 0.7847 clears the way for a challenge of the 38.2% expansion at 0.7922.
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
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.