AUD/USD Technical Analysis: Familiar Range Still in Play
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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 continues to wait for catalystsagainst its US namesake as prices tread water above the 0.77 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.
Positioning is inconclusive at this point, with prices offering no clear-cut and actionable signal to initiate a long or short trade. We will continue to remain on the sidelines for the time being, waiting for a compelling opportunity to present 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.