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AUD/USD Technical Analysis: Candle Setup Hints at Gains

AUD/USD Technical Analysis: Candle Setup Hints at Gains

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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support: 0.7249, 0.7188, 0.7126
  • Resistance:0.7343, 0.7396, 0.7482

The Australian Dollar may move higher against its US counterpart after prices put in a bullish Morning Star candlestick pattern. Near-term resistance is at 0.7343, the 14.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 23.6% level at 0.7396. Alternatively, a move below the 38.2% Fib expansion at 0.7249 opens the door for a challenge of the 50% threshold at 0.7188.

Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind, we will remain flat for now.

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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.

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