Talking Points:
- AUD/USD Technical Strategy: Flat
- Support: 0.7847, 0.7773, 0.7681
- Resistance:0.7922, 0.8014, 0.8070
The Australian dollar continued to push lower against its US counterpart, issuing the largest daily decline in three weeks. A daily close below the 50% Fibonacci retracement at 0.7872 exposes the 61.8% level at 0.7773. Alternatively, a turn above the 38% Fib at 0.7922 clears the way for a test the 23.6% retracement at 0.8014.
The available trading range is too narrow to justify entering a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.
Which stock should you buy in your very next trade?
AI computing powers are changing the stock market. Investing.com's ProPicks AI includes 6 winning stock portfolios chosen by our advanced AI. In 2024 alone, ProPicks AI identified 2 stocks that surged over 150%, 4 additional stocks that leaped over 30%, and 3 more that climbed over 25%. Which stock will be the next to soar?
Unlock ProPicks AI