AUD/USD Technical Analysis: Quiet Consolidation Continues
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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 paused to consolidate after rebounding from a six-year low against its US counterpart. Near-term resistance is at 0.7438, the 23.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 38.2% level at 0.7577. Alternatively, a turn below the 23.6% Fib expansion at 0.7219 opens the door for a challenge of the 38.2% threshold at 0.7084.
An actionable trade setup is absent at this point, arguing against committing to a directional bias on long or short side. We will continue to stand aside for now, waiting for a clear-cut trading opportunity to present itself in the days ahead.
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--- Written by Ilya Spivak, Currency Strategist for DailyFX.com