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AUD/USD Technical Analysis: Marking Time Near 3-Month High

AUD/USD Technical Analysis: Marking Time Near 3-Month High

Ilya Spivak,

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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Australian Dollar stalls after rising to 3-month high vs. US counterpart
  • Lack of actionable trade signal argues against taking up exposure for now

The Australian Dollaris locked in a narrow range, digesting gains after jumping to the highest level in three months against its US counterpart. While prices have enjoyed impressive gains since bottoming in late December, the longer-term trend seems to favor a bearish bias.

From here, a daily close above the 38.2% Fibonacci expansion at 0.7683 paves the way for a challenge of the 50% level at 0.7736. Alternatively, a move back below the 0.7609-18 area (January 24 high, 23.6% Fib) opens the door for a retest of support-turned-resistance at 0.7498.

A clear-cut trade setup seems to be absent at this time. The pair is struggling to maintain upside momentum – arguing against taking up the long side – but the absence of an actionable bearish reversal signal means entering short is probably premature. With that in mind, opting to remain flat appears most attractive.

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