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AUD/USD Technical Analysis: Eyeing Support Below 0.77

AUD/USD Technical Analysis: Eyeing Support Below 0.77

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support: 0.7632, 0.7559, 0.7499
  • Resistance:0.7715, 0.7766, 0.7818

The Australian Dollar is edging lower against its US counterpart as expected after putting in a bearish Three Inside Down candlestick pattern. A daily close below 38.2% Fibonacci expansion at 0.7632 exposes the 0.7559-66 (triple bottom, 50% level). Alternatively, a reversal above the 23.6% Fib at 0.7715 clears the way for a test of the 14.6% expansion at 0.7766.

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.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

AUD/USD Technical Analysis: Eyeing Support Below 0.77

--- 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.

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