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AUD/USD Technical Analysis: Monthly Low Under Pressure

AUD/USD Technical Analysis: Monthly Low Under Pressure

2015-06-08 03:40:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support: 0.7602, 0.7535, 0.7469
  • Resistance:0.7685, 0.7735, 0.7818

The Australian Dollar has returned to test monthly lows against its US namesake failing to hold up above the 0.78 figure. Near-term support is at 0.7602, the 38.2% Fibonacci expansion, with a break below that on a daily closing basis exposing the 50% level at 0.7535. Alternatively, a reversal back above the 23.6% Fib at 0.7685 opens the door for a test of the 14.6% expansion at 0.7735.

Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests that taking up the long side is premature. With that in mind, we will remain flat for now.

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

AUD/USD Technical Analysis: Monthly Low Under Pressure

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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