DailyFX.com -

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

Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support:0.9338, 0.9282, 0.9244
  • Resistance: 0.9369, 0.9390-0.9401, 0.9440

The Australian Dollar advanced as expected against its US counterpart, with the pair pushing toward the top of its near-term down trend. A daily close above the 50% Fibonacci expansionat 0.9369 exposes a rising channel top at 0.9390, followed by the 61.8% level at 0.9401. Alternatively, a turn below the 38.2% retracement at 0.99338 clears the way for a test of the 23.6% Fib expansion at 0.9282.

Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short 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!

AUD/USD Technical Analysis: Moving to Down Trend Bound

Daily Chart - Created Using FXCM Marketscope 2.0

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Heavy Event Risk in Jobs Data, Rate Decision Will Confront Summer Trading

  2. Forex News

    US Dollar as ‘Data Dependent’ as the Fed as NFPs Approach

  3. Forex News

    Australian Dollar Looks to RBA, US Jobs Data to Drive Volatility

  4. Forex News

    Monetary Policy Speculation Continues Next Week With NFPs, RBA and BoE

  5. Forex News

    Weakest Wage Growth Since 1982 Shocks USD Out of Intraday Rally

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!