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AUD/USD Technical Analysis: Monthly Low Under Pressure

AUD/USD Technical Analysis: Monthly Low Under Pressure

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.

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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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