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.

Free Trading Guides
EUR/USD
Bullish
GBP/USD
Mixed
USD/JPY
Bearish
Gold
Bullish
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.95%, while traders in US 500 are at opposite extremes with 77.08%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/zBAeVA9GKV
  • Commodities Update: As of 17:00, these are your best and worst performers based on the London trading schedule: Silver: 0.28% Gold: 0.00% Oil - US Crude: -0.31% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/GkOHR7JE71
  • S&P 500 rising from support, chart pattern revealing itself while #Dow Jones new high brings into play ‘RST’ pattern. Get your equities technical analysis from @PaulRobinsonFX here: https://t.co/Rb5mMrOqkm https://t.co/kA8zeYlpnM
  • #S&P 500 rising from support, chart pattern revealing itself while #Dow Jones new high brings into play ‘RST’ pattern. Get your equities technical analysis from @PaulRobinsonFX here: https://t.co/Rb5mMrOqkm https://t.co/hpPegahqln
  • RT @WallStJesus: * CHATTER (UNCONFIRMED) -- traders citing FBN as citing a trade source suggesting the December 15th tariffs as gong ahead…
  • RT @economics: U.S. manufacturers expect to reduce capital spending in 2020, which would be the first annual decline in 11 years https://t.…
  • $BTCUSD is down over 3.0% from this morning's high https://t.co/UcmXUNsjes
  • Forex Update: As of 17:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.20% 🇨🇦CAD: 0.13% 🇬🇧GBP: 0.12% 🇯🇵JPY: -0.03% 🇦🇺AUD: -0.18% 🇳🇿NZD: -0.22% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/cuTpe7Glmx
  • Indices Update: As of 17:00, these are your best and worst performers based on the London trading schedule: Germany 30: -0.05% US 500: -0.08% France 40: -0.08% Wall Street: -0.21% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/5Bwk0J689x
  • US #oil is up to retest the $59.00 psychological level that has been in play for the past week https://t.co/jDv5lpEcp1
AUD/USD Technical Analysis: Selloff Expected to Resume

AUD/USD Technical Analysis: Selloff Expected to Resume

2014-07-10 23:30:00
Ilya Spivak, Sr. Currency Strategist
Share:

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

Talking Points:

  • AUD/USD Technical Strategy: Short at 0.9414
  • Support:0.9305, 0.9223, 0.9181
  • Resistance: 0.9422, 0.9463, 0.9507

The Australian Dollar fell as expected against its US namesake after prices put in a Dark Cloud Cover candlestick pattern. Near-term support is in the 0.9305-24 area, marked by a horizontal pivot in play since March and the 23.6% Fibonacci retracement. A daily close below that targets the 0.9181-223 zone, bracketed by a range bottom and the 38.2% level. Alternatively, a turn above support-turned-resistance in the 0.9422-63 region clears the way for a test of the 38.2% Fib expansion at 0.9507.

We entered short AUDUSD at 0.9414, initially targeting a return to 0.9324. A stop-loss will be triggered on a daily close abovethe July 1 high at 0.9504. We will take profit on half of the trade and move the stop-loss to breakeven on the remainder of the position once the first objective is met.

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

AUD/USD Technical Analysis: Selloff Expected to Resume

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

News & Analysis at your fingertips.