AUD/USD Technical Analysis: Aussie Drops to Monthly Low
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- AUD/USD Technical Strategy: Flat
- Support: 0.7691, 0.7580, 0.7400
- Resistance:0.7781, 0.7871, 0.7982
The Australian Dollar slipped to the lowest level in a month against its US namesake, probing below the 0.77 figure. A daily close below the 61.8% Fibonacci expansionat 0.7691 exposes the 76.4% level at 0.7580. Alternatively, a turn above the 50% Fib at 0.7781 clears the way for a challenge of the 38.2% expansion at 0.7871.
Risk/reward considerations argue against entering short with prices in close proximity to support. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. We will remain flat for now, waiting for an actionable opportunity to present itself.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com