AUD/USD Oscillates In Familiar Territory
- AUD/USD Technical Strategy: Flat
- Support: 0.7219, 0.7084, 0.6974
- Resistance:0.7438, 0.7577, 0.7689
The Australian dollar is treading water, having recoiled upward after dipping to a six-year low against its US namesake. A daily close above the 23.6% Fibonacci retracement at 0.7438 exposes the 38.2% level at 0.7577. Alternatively, a reversal below the 23.6% Fib expansion at 0.7219 clears the way for a test of the 38.2% threshold at 0.7084.
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.
AUD/USD Daily Chart