AUD/USD Technical Analysis: Digesting After Upside Break
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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 is digesting gains after rising against its US namesake as expected to overturn a three-month uptrend. A daily close above the 38.2% Fibonacci retracementat 0.7468 exposes the 50% level at 0.7541. Alternatively, a turn below the 23.6% Fib at 0.7379 clears the way for a challengeof the 14.6% retracement at 0.7323.
On balance, the overall AUD/USD trend seems to be bearish. As such, we will look at any oncoming move higher as corrective and treat it as an opportunity to establish a short position in line with the dominant longer-term trajectory. We remain flat for the time being.
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--- Written by Ilya Spivak, Currency Strategist for DailyFX.com