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Talking Points:
- AUD/USD Technical Strategy: Flat
- Support:0.7959, 0.7855, 0.7751
- Resistance:0.8031, 0.8087, 0.8166
The Australian Dollar declined for a fourth consecutive day against its US namesake, with sellers now aiming below the 0.80 figure. Near-term support is at 0.7959, the 38.2% Fibonacci expansion, with a break below that on a daily closing basis exposing the 50% level at 0.7855. Alternatively, a reversal above support-turned-resistance marked by the January 7 low at 0.8031 opens the door for a test of the 23.6% Fib at 0.8087.
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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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
original source
