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AUD/USD Technical Analysis: Range Boundaries Taking Shape

AUD/USD Technical Analysis: Range Boundaries Taking Shape

Ilya Spivak,

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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Australian Dollar range taking shape in the 0.75-0.76 area
  • Near-term congestion is still within longer-term down trend

The Australian Dollar is struggling to hold below the 0.75 figure against its US counterpart but seems equally unable to mount a convincing assault on the 0.76 mark. Overall positioning seems still favor the downside but near-term selling pressure has given way to sideways drift.

From here, a daily close below the March 9 low at 0.7491 opens the door for a test of the 50% Fibonacci expansion at 0.7440. Alternatively, a reversal back above the 23.6% level at 0.7604 sees the next upside barrier at 0.7679, the March 30 swing high.

A short AUD/USD trade was triggered at 0.7605. When it hit its initial objective, profit was booked on half of the position. Remaining exposure has now stopped out at breakeven. A compelling setup to re-establish a trade is absent for now, arguing in favor of standing aside.

What do retail traders’ AUD/USD buy and sell decisions hint about the price trend? Find out here !

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