AUD/USD Technical Analysis: Support Now Below 0.77
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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 re-accelerated downward against its US counterpart, producing the largest daily decline in a month. Near-term support is at 0.7691, the 61.8% Fibonacci expansion, with a break below that on a daily closing basis exposing the 76.4% level at 0.7580. Alternatively, a reversal above the 50% Fib at 0.7781 opens the door for a test of the 38.2% expansion at 0.7871.
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.