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AUD/USD Technical Analysis: Aussie Sets Sights on August Top

AUD/USD Technical Analysis: Aussie Sets Sights on August Top

Ilya Spivak,

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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Aussie Dollar makes good on bullish candle setup, threatens 1-month high
  • Risk/reward parameters, inconclusive chart setup argue against taking trade

The Australian Dollar launched higher against its US namesake as expected after prices put in a bullish Morning Star candlestick pattern. The pair looks to have negated a bearish breakout marked by a breach of rising trend line support and now aims to challenge swing highs set in early August.

Near-term resistance is at 0.7725, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis opening the door for a challenge of the 50% level at 0.7797. Alternatively, a reversal back below the 23.6% Fib at 0.7635 paves the way for a retest of the 14.6% expansion at 0.7580.

Prices are too close to near-term resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a discrete bearish reversal signal argues against taking up the short side. With that in mind, opting for the sidelines seems prudent for now.

What do past AUD/USD price patterns hint about on-coming trends? Find out here !

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.