Advertisement
New Zealand markets close in 1 hour 10 minutes
  • NZX 50

    11,772.27
    +44.26 (+0.38%)
     
  • NZD/USD

    0.6077
    -0.0009 (-0.15%)
     
  • NZD/EUR

    0.5582
    -0.0010 (-0.18%)
     
  • ALL ORDS

    7,934.40
    +9.20 (+0.12%)
     
  • ASX 200

    7,682.50
    +6.70 (+0.09%)
     
  • OIL

    82.62
    -0.10 (-0.12%)
     
  • GOLD

    2,164.60
    +0.30 (+0.01%)
     
  • NASDAQ

    17,985.01
    +176.76 (+0.99%)
     
  • FTSE

    7,722.55
    -4.87 (-0.06%)
     
  • Dow Jones

    38,790.43
    +75.66 (+0.20%)
     
  • DAX

    17,932.68
    -3.97 (-0.02%)
     
  • Hang Seng

    16,636.79
    -100.33 (-0.60%)
     
  • NIKKEI 225

    39,596.29
    -144.15 (-0.36%)
     
  • NZD/JPY

    90.6490
    -0.0460 (-0.05%)
     

AUD/USD Technical Analysis: Resistance Sub-0.79 Holding

DailyFX.com -

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • AUD/USD Technical Strategy: Flat

  • Support: 0.7728, 0.7559, 0.7421

  • Resistance:0.7878, 0.8075, 0.8235

The Australian Dollar edged lower against its US namesake as expected after putting in a Doji candlestick but firm reversal confirmation remains absent. A daily close below resistance-turned-support at 0.7728 exposes the 0.7559-7618 area (23.6% Fibonacci expansion, March 11 low).Alternatively, a reversal above the 23.6% Fib retracement at 0.7878clears the way for a challenge of the 38.2% level at 0.8075.

Positioning is inconclusive at this point, with prices offering no clear-cut and actionable signal to initiate a long or short trade. We will continue to remain on the sidelines for the time being, waiting for a compelling opportunity to present itself.

ADVERTISEMENT

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

AUD/USD Technical Analysis: Resistance Sub-0.79 Holding
AUD/USD Technical Analysis: Resistance Sub-0.79 Holding

Daily Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com


original source

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.