DailyFX.com -

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

Talking Points:

• AUD/USD Technical Strategy: Flat

• Support: 0.7739, 0.7559, 0.7451

• Resistance:0.7878, 0.8075, 0.8235

The Australian Dollar paused to consolidate gains against its US counterpart, with a Doji candlestick hinting a pullback may be ahead. Near-term resistance-turned-support is at 0.7739, with a break below that on a daily closing basis exposing the March 11 lowat 0.7748.Alternatively, a push above the 23.6% Fibonacci retracement at 0.7878clears the way for a challenge of the 38.2% level at 0.8075.

Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind, we will remain flat for now.

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

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.