AUD/USD Technical Analysis: Prices Recoil From Range Floor
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- AUD/USD Technical Strategy: Flat
- Support: 0.7219, 0.7084, 0.6974
- Resistance:0.7438, 0.7577, 0.7689
The Australian Dollar recoiled back into its three-week consolidation range after dipping to a six-year low against its US namesake. A daily close above the 23.6% Fibonacci retracement at 0.7438 exposes the 38.2% level at 0.7577. Alternatively, a reversal below the 23.6% Fib expansion at 0.7219 clears the way for a test of the 38.2% threshold at 0.7084.
Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now, waiting for an actionable opportunity to present itself.
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--- Written by Ilya Spivak, Currency Strategist for DailyFX.com