AUD/USD Technical Analysis: Selloff Pauses Above 0.74
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- AUD/USD Technical Strategy: Flat
- Support: 0.7417, 0.7283, 0.7150
- Resistance:0.7499, 0.7566, 0.7632
The Australian Dollar found interim support after turning downward against itsUS namesake, as expected. A daily close below the 76.4% Fibonacci expansion at 0.7417exposes the 100% level at 0.7283. Alternatively, a push above the 61.8% Fib at 0.7499 clears the way for a test of the 50% expansion at 0.7566.
The available trading range is too narrow to justify entering a trade in line with our long-term Euro outlook 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.
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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.