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 paused to consolidate against its US namesake after attempting to launch a recovery from monthly lows. Near-term resistance is in the 0.7813-18 area (38.2% Fibonacci retracement, June 3 high), with a break above that on a daily closing basis exposing the 50% level at 0.7880. Alternatively, a reversal below the 23.6% Fib at 0.7731 opens the door for a challenge of the 14.6% retracement at 0.7680.
Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.
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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.