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AUD/USD Technical Analysis: Candle Setup Hints at Losses

AUD/USD Technical Analysis: Candle Setup Hints at Losses

Ilya Spivak,

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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support: 0.7715, 0.7632, 0.7566
  • Resistance:0.7766, 0.7818, 0.7880

The Australian Dollar may be preparing to resume the down trend against its US namesake after producing a bearish Three Inside Down candlestick pattern. Near-term support is at 0.7715, the 23.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 38.2% level at 0.7632. Alternatively, a turn above the 14.6% Fib at 0.7766 opens the door for a test of the 0.7813-18 area (38.2% Fib retracement, June 3 high).

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 provides forex news and technical analysis on the trends that influence the global currency markets.