AUD/USD Technical Analysis: Flat Before RBA Rate Decision

By DailyFx | 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

comments powered by Disqus
Related Forex Analysis
  1. GBP/USD claws to 1.6100 ahead of Europe
    Forex News

    GBP/USD claws to 1.6100 ahead of Europe

  2. EUR/USD glued to 1.2755; triggers are wanted
    Forex News

    EUR/USD glued to 1.2755; triggers are wanted

  3. Asia recap: most majors are still sleeping in a ranges; JPY is weakening
    Forex News

    Asia recap: most majors are still sleeping in a ranges; JPY is weakening

  4. Gold Struggling Below $1250, SPX 500 Trying to Retake 1900 Figure
    Forex News

    Gold Struggling Below $1250, SPX 500 Trying to Retake 1900 Figure

  5. US Dollar Technical Analysis: Stalling at Channel Support
    Forex News

    US Dollar Technical Analysis: Stalling at Channel Support

Trading Center