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AUD/USD Technical Analysis: Aussie Drops to Monthly Low

AUD/USD Technical Analysis: Aussie Drops to Monthly Low

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • 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.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

AUD/USD Technical Analysis: Aussie Drops to Monthly Low

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.

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