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AUD/USD Technical Analysis: Treading Water Below 0.76

AUD/USD Technical Analysis: Treading Water Below 0.76

2016-07-08 08:32:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Aussie Dollar treading water following sharp Brexit-linked volatility
  • Inconclusive positioning, on-coming event risk argue for flat posture

The Australian Dollar is locked in a narrow consolidation range against its US namesake having managed a cautious recovery from support above the 0.73 figure. Prices plunged in the aftermath of the UK “Brexit” referendum but the short-term rising trend in play since early June seems to be intact for now.

Near-term resistance is at 0.7546, the July 5 high. A break above this barrier on a daily closing basis sees the next upside threshold at 0.7647, the June 24 top. Alternatively, a push below the horizontal support shelf at 0.7326 opens the door for a challenge of the May 24 low at 0.7145.

Positioning is inconclusive for the time being. Prices are trading water and a clear-cut directional signal is not readily apparent. Furthermore, the upcoming release of US jobs data represents material event risk and may critically alter technical positioning. With that in mind, opting for the sidelines seems prudent.

Find pivotal short-term AUD/USD chart levels with the GSI indicator!

AUD/USD Technical Analysis: Treading Water Below 0.76

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