AUD/USD Technical Analysis: 3-Month Trend Line Broken
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- AUD/USD Technical Strategy: Flat
- Support: 0.7379, 0.7323, 0.7259
- Resistance:0.7468, 0.7541, 0.7614
The Australian Dollar moved higher against its US counterpart as expected, breaking resistance capping gains since mid-May. Near-term resistance is at 0.7468, the 38.2% Fibonacci retracement, with a break above that on a daily closing basis exposing the 50% level at 0.7541. Alternatively, a move below the 23.6% Fib at 0.7379 opens the door for a test of the 14.6% retracement at 0.7323.
The dominant AUD/USD trend continues to favor the downside. With that in mind, we will treat any on-coming gains as corrective and look to an upswing as an opportunity to enter short. In the meantime, we will remain on the sidelines.
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--- Written by Ilya Spivak, Currency Strategist for DailyFX.com