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Talking Points:
- AUD/USD Technical Strategy: Flat
- Support:0.9282, 0.9244, 0.9227
- Resistance: 0.9345, 0.9373, 0.9395
The Australian Dollar is treading water near the 0.93 figure after launching a rebound against its US counterpart, as expected. Near-term support is at 0.9282, the 23.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the intersection of the 38.2% level and a rising trend line set from early April at 0.9244. Alternatively, a turn above the August 19 high at 0.9345 opens the door for a challenge of the August 6 top at 0.9373.
Positioning is inconclusive at this point. Positive RSI divergence hints further gains may be ahead but an actionable entry signal is absent. We will stand aside for now and treat any bounce from here as a selling opportunity in line with the near-term down trend set from the July 1 high.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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