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Aussie Breaks Big Support...Again

Aussie Breaks Big Support...Again

2014-11-28 13:30:00
Kristian Kerr, Sr. Currency Strategist
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Talking Points

  • AUD/USD records a 4-year low this week
  • Looking for a weekly close under a key long-term retracement

Unfamiliar with Gann Square Root Relationships? Learn more about them HERE.

AUD/USD traded at its lowest level in four years this past week. The technical damage done was significant as the exchange rate broke through several key support levels including the 50% retracement of the 2008-2011 advance at .8540 and the 10th square root relationship of the year’s high near .8530. That said, AUD/USD is somewhat notorious for being a difficult exchange rate to trade on breaks and in true Aussie fashion it has undergone a formidable upside squeeze since breaking these supports to trade as high as .8614 on Thursday. Today’s weekly close should be key as a daily settlement back under .8530 should be enough evidence to confirm that the rate is ready to head lower once again. However, any strength back over .8614 and all bets are off.

To receive other reports from this author via e-mail, sign up to Kristian’s e-mail distribution list via this link.

AUD/USD Chart: November 28, 2014

Aussie Breaks Big Support...Again

Charts Created using Marketscope – Prepared by Kristian Kerr

Key Event Risk in the Week Ahead:

Aussie Breaks Big Support...Again

LEVELS TO WATCH

Resistance: .8540 (Fibonacci), .8615 (Thursday’s High)

Support: .8470 (Fibonacci), .8435 (Gann)

Strategy: Sell AUD/USD

Entry: Sell AUD/USD on a weekly close under .8530

Stop: Daily close above .8620

Target: .8380

--- Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com

To contact Kristian, e-mail instructor@dailyfx.com. Follow me on Twitter at@KKerrFX.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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