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- 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.
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Daily Chart - Created Using FXCM Marketscope 2.0