Advertisement
Singapore markets closed
  • Straits Times Index

    3,224.01
    -27.70 (-0.85%)
     
  • Nikkei

    40,168.07
    -594.66 (-1.46%)
     
  • Hang Seng

    16,541.42
    +148.58 (+0.91%)
     
  • FTSE 100

    7,952.62
    +20.64 (+0.26%)
     
  • Bitcoin USD

    70,780.89
    +2,122.24 (+3.09%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • S&P 500

    5,250.17
    +1.68 (+0.03%)
     
  • Dow

    39,759.50
    -0.58 (-0.00%)
     
  • Nasdaq

    16,368.23
    -31.29 (-0.19%)
     
  • Gold

    2,239.90
    +27.20 (+1.23%)
     
  • Crude Oil

    83.12
    +1.77 (+2.18%)
     
  • 10-Yr Bond

    4.2040
    +0.0080 (+0.19%)
     
  • FTSE Bursa Malaysia

    1,530.60
    -7.82 (-0.51%)
     
  • Jakarta Composite Index

    7,288.81
    -21.28 (-0.29%)
     
  • PSE Index

    6,903.53
    +5.36 (+0.08%)
     

AUD/USD Technical Analysis: Support Near 0.77 in Focus

DailyFX.com -

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

Talking Points:

  • AUD/USD Technical Strategy: Flat

  • Support: 0.7704, 0.7559, 0.7421

  • Resistance:0.7878, 0.8075, 0.8235

The Australian Dollar edged lower against its US namesake as expected after putting in a Doji candlestick. A daily close below resistance-turned-support at 0.7704 exposes the 0.7559-7618 area (23.6% Fibonacci expansion, March 11 low).Alternatively, a reversal above the 23.6% Fib retracement at 0.7878clears the way for a challenge of the 38.2% level at 0.8075.

Risk/reward considerations argue against entering short with prices in close proximity to support. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. We will remain flat for now, waiting for a more actionable opportunity to present itself.

ADVERTISEMENT

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

AUD/USD Technical Analysis: Support Near 0.77 in Focus
AUD/USD Technical Analysis: Support Near 0.77 in Focus

Daily Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com


original source

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.