AUD/USD Technical Analysis: Flat Before RBA Rate Decision

By DailyFx | Updated August 04, 2014 AAA

DailyFX.com -

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

Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support:0.9282, 0.9223-45, 0.9085
  • Resistance: 0.9324-44, 0.9437-60, 0.9504

The Australian Dollar declined against its US counterpart as expected after prices produced a bearish Dark Cloud Cover candlestick pattern. A daily close below support at 0.9282, the bottom of a falling channel set from the July 1 high, exposes the 0.9223-45 area marked by a range bottom in play since March and the 23.6% Fibonacci expansion. Alternatively, a turn above the 0.9324-44 zone bracketed by a horizontal pivot and the 14.6% level clears the way for a test of the channel top at 0.9437.

We are tactically opting to stand aside as the RBA monetary policy announcement looms in the hours ahead, choosing not to commit to market risk until after the outcome is revealed and its impact digested by price action. As such, we remain flat.

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

AUD/USD Technical Analysis: Flat Before RBA Rate Decision

Daily Chart - Created Using FXCM Marketscope 2.0

You May Also Like

Related Forex Analysis
  1. Forex News

    We Favor Selling Australian Dollar until this Changes

  2. Forex News

    Dollar Rally Post-FOMC Bolstered by Surprise SNB Action

  3. Forex News

    Swiss Franc Sinks as SNB Surprises with Negative Interest Rates

  4. Forex News

    AUD/USD Technical Analysis: Aussie Drops Most in Six Weeks

  5. Forex News

    FOMC Preview and Trade Setups in EUR/USD, USD/JPY, AUD/USD

Trading Center