AUD/USD Technical Analysis: 3-Month Floor Back in Play
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- AUD/USD Technical Strategy: Flat
- Support: 0.7580, 0.7400, 0.7220
- Resistance:0.7691, 0.7781, 0.7871
The Australian Dollar fell for a fifth consecutive day against its US counterpart, making for the longest losing streak in two months. Near-term support is at 0.7580, the 76.4% Fibonacci expansion, with a break below that on a daily closing basis exposing the 100% level at 0.7400. Alternatively, a rebound above the 0.7664-91 area (trend line, 61.8% Fib) opens the door for a test of the 50% Fib at 0.7781.
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.