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Talking Points:
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AUD/USD Technical Strategy: Flat
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Support:0.8466 0.8364 0.8263
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Resistance:0.8540 0.8592 0.8669
The Australian Dollar accelerated downward against its US namesake clearing the bottom set early in the month to hit a four-year low. Near-term support is at 0.8466 the 38.2% Fibonacci expansion with a break below that on a daily closing basis exposing the 50% level at 0.8364. Alternatively a turn above support-turned-resistance at 0.8540 the November 7 low clears the way for a test of the 23.6% Fib at 0.8592.
Prices are wedged too tightly between near-term up- and down-side technical barriers to justify taking a trade on the long or short side from a risk/reward perspective. We will continue to stand aside for the time being waiting for a more compelling opportunity to present itself.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak Currency Strategist for DailyFX.com
original source
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