News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Forex: AUD/USD Technical Analysis – Five-Day Win Streak Broken

Forex: AUD/USD Technical Analysis – Five-Day Win Streak Broken

Ilya Spivak, Head Strategist, APAC

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

Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support: 0.9233 (50% Fib exp.), 0.9177 (38.2% Fib exp.)
  • Resistance: 0.9290 (61.8% Fib exp.), 0.9360 (76.4% Fib exp.)

The Australian Dollar put in a Shooting Star candlestick after five consecutive advances, hinting bullish momentum maybe ebbing and warning of a turn lower against the US Dollar. Near-term support is at 0.9233, the 50% Fibonacci expansion, with a break below that exposing the 38.2% level at 0.9177. Alternatively, a move through resistance at 0.9290 – the 61.8% Fib – targets the 76.4% expansion at 0.9360.

A Shooting Star candle is a sign of indecision and does not offer an actionable trade signal by itself. Furthermore, prices are too close to near-term support to justify entering short from a risk/reward perspective. We will continue to stand aside for now, waiting for confirmation of reversal to look for entry opportunities.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

dailyclassics_aud-usd_body_Picture_12.png, Forex: AUD/USD Technical Analysis – Five-Day Win Streak Broken

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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

DISCLOSURES