AUD/USD Technical Analysis: Resistance Found Above 0.78
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- AUD/USD Technical Strategy: Flat
- Support: 0.7602, 0.7535, 0.7469
- Resistance:0.7685, 0.7735, 0.7818
The Australian Dollar turned sharply lower against its US counterpart after finding resistance above the 0.78 figure. A daily close above the 38.2% Fibonacci expansion at 0.7602 exposes the 50% level at 0.7535. Alternatively, a turn back below the 23.6% Fib at 0.7685 clears the way for a challenge of the 14.6% expansion at 0.7735.
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.