AUD/USD Technical Analysis: Struggling at 0.78 Figure
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- AUD/USD Technical Strategy: Flat
- Support: 0.7731, 0.7680, 0.7588
- Resistance:0.7818, 0.7880, 0.7946
The Australian Dollar continues to struggle with holding above the 0.78 figure against its US counterpart. 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.
An actionable trade setup is absent at this point, arguing against committing to a directional bias on long or short side. We will continue to stand aside for now, waiting for a clear-cut trading opportunity to present itself in the days ahead.
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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.