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AUD/USD Technical Analysis: Double Top in Play Once Again

AUD/USD Technical Analysis: Double Top in Play Once Again

Ilya Spivak,

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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Australian Dollar returns to challenge familiar resistance near 0.77
  • Waiting for actionable signal, improved risk/reward to enter trade

The Australian Dollar has moved to challenge key double top resistance near the 0.77 figure against its US counterpart once again. Fundamental considerations hint the barrier may continue to hold as pivotal news-flow encourages selling, but confirmation is decidedly absent for now.

A break above the 0.7677-97 area (38.2% Fibonacci expansion, double top) on a daily closing basis paves the way for a challenge of the 0.7749-60 zone (50% level, August 11 high). Alternatively, a move back below the 23.6% Fib at 0.7587 opens the door for another test of the 14.6% expansion at 0.7532.

An actionable trade setup is absent at this point. On one hand, prices are too close to resistance to justify entering long from a risk/reward perspective. On the other, the absence of a clear-cut bearish reversal signal suggests it is premature to take up the short side. Opting for the sidelines seems most prudent.

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.