Yahoo Finance 
AUD/USD Technical Analysis: Range Support Back in Focus
DailyFX.com -
To receive Ilya's analysis directly via email, please SIGN UP HERE
Talking Points:
AUD/USD Technical Strategy: Flat
Support:0.7715, 0.7638, 0.7469
Resistance:0.7899, 0.8069, 0.8343
The Australian Dollar may be readying to resume the down trend against its US counterpart after putting in a Bearish Engulfing candlestick pattern. Near-term range support is at 0.7715, with a break below that on a daily closing basis exposing the 14.6% Fibonacci expansion at 0.7638. Alternatively, a push above the intersection of trend line resistance and the 14.6% Fib retracement at 0.7899 clears the way for a challenge of the 23.6% threshold at 0.8069.
Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests that taking up the long side is premature. With that in mind, we will remain flat for now.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.
