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AUD/USD Technical Analysis: Eyeing June Top Once Again

AUD/USD Technical Analysis: Eyeing June Top Once Again

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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Aussie Dollar trying to claw its way back to monthly swing top
  • Congested chart setup arguing against taking a trade for now

The Australian Dollar is attempting to rebuild upside momentum against its US namesake after a short-lived pullback found support above the 0.75 figure once again. Prices are on pace to breach short-term resistance, leading to a test of the monthly high.

A daily close above the 23.6% Fibonacci expansion at 0.7605 paves the way for a challenge of the 0.7636-50 area (June 14 high, 38.2% level). Alternatively, a move back below the 14.6% Fib at 0.7578 opens the door for a retest of the 0.7517-33 zone (resistance-turned-support, June 22 swing low).

Near-term positioning is much too congested to make for an attractive trading opportunity. An actionable opportunity may emerge if the pair secures a foothold above the 0.76 figure or demonstratively fails to break it and reverses downward. Such clear-cut signs are absent for now however.

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