AUD/USD Technical Analysis: Resistance Above 0.78 in Focus
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- AUD/USD Technical Strategy: Flat
- Support: 0.7731, 0.7680, 0.7597
- Resistance:0.7818, 0.7880, 0.7946
The Australian Dollar resumed the move higher against its US counterpart, with prices now aiming above the 0.78 figure. A daily close above the 0.7813-18 area (38.2% Fibonacci retracement, June 3 high) exposes the 50% level at 0.7880. Alternatively, a turn below the 23.6% Fib at 0.7731 clears the way for a test of the 14.6% retracement at 0.7680.
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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--- 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.