AUD/USD Technical Analysis: Double Bottom in the Works?
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- AUD/USD Technical Strategy: Flat
- Support: 0.7680, 0.7602, 0.7535
- Resistance:0.7731, 0.7813, 0.7880
The Australian Dollar rebounded following a test of monthly lows against its US counterpart, hinting a double bottom may be in the works. A daily close above the 23.6% Fibonacci retracement at 0.7731 exposes the 38.2% level at 0.7813. Alternatively, a turn back below the 14.6% retracement at 0.7680 clears the way for a challenge of the 38.2% Fib expansion at 0.7602.
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.