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Consider Taking Profits on Long AUDUSD Positions

Consider Taking Profits on Long AUDUSD Positions

Martin Essex, MSTA,

AUDUSD price, news and analysis:

  • Six days ago we argued here that AUDUSD could move higher.
  • Now it has, traders long the pair may consider the time right to take profits.

Our trading forecasts for Q3 have been published; you can find them here.

And check out the IG Client Sentiment data to help you trade profitably.

AUDUSD price facing resistance

Back on August 16 we argued here that AUDUSD was well placed to move higher from its level then at 0.7275. Now it has advanced to 0.7364 at the time of writing, traders long the pair might consider closing their positions and taking profits.

From a fundamental perspective, Australian Prime Minister Malcolm Turnbull is reportedly facing an attempt to oust him as party leader.

Technically, the price has reached the 50-day moving average and now faces resistance from both a trendline dating back to late January just above 0.74 and the 100-day moving average at 0.7451.

A correction is therefore possible over the next few days.

AUDUSD Price Chart, Daily Timeframe (January 18 – August 22, 2018)

Latest AUDUSD price chart.

Chart by IG

Resources to help you trade the forex markets

Whether you are a new or an experienced trader, at DailyFX we have many resources to help you: analytical and educational webinars hosted several times per day, trading guides to help you improve your trading performance, and one specifically for those who are new to forex. You can learn how to trade like an expert by reading our guide to the Traits of Successful Traders.

--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below, via email at or on Twitter @MartinSEssex

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