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Talking Points:
- AUD/USD Technical Strategy: Flat
- Support: 0.7417, 0.7283, 0.7150
- Resistance:0.7499, 0.7566, 0.7632
The Australian Dollar declined against its US namesake as expected after producing a bearish Three Inside Down candlestick pattern. Near-term support is at 0.7417, the 76.4% Fibonacci expansion, with a break below that on a daily closing basis exposing the 100% level at 0.7283. Alternatively, a move above the 61.8% Fib at 0.7499 opens the door for a challenge of the 50% expansion at 0.7566.
Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.
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--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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