AUD/USD Technical Strategy: Flat

Prices are testing support at 1.0246, the 38.2% Fibonacci expansion. A break downward confirmed on a daily closing basis exposes the 50% level at 1.0204. Near-term resistance is at 1.0299, the 23.6% Fib, with a turn above that aiming for the April 30 high at 1.0384. Current positioning doesn’t offer an actionable trade setup and we will stand aside for now.

Daily Chart - Created Using FXCM Marketscope 2.0

Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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