AUD/USD Technical Analysis: Treading Water Near 0.73
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- AUD/USD Technical Strategy: Flat
- Support: 0.7249, 0.7188, 0.7126
- Resistance:0.7343, 0.7396, 0.7443
The Australian Dollar may be preparing to rise against its US namesake following the formation of a bullish Morning Star candlestick pattern. A daily close above the 14.6% Fibonacci retracementat 0.7343 exposes the 23.6% level at 0.7396. Alternatively, a turn below the 38.2% Fib expansion at 0.7249 clears the way for a test of the 50% threshold at 0.7188.
Positioning is inconclusive at this point. Follow-through on the upside reversal signal has been absent thus far and the overall trend remains bearish. With that in mind, we will remain on the sidelines for the time being until further confirmation presents itself.
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--- Written by Ilya Spivak, Currency Strategist for DailyFX.com