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AUD/USD Technical Analysis: First Objective Hit on Short

AUD/USD Technical Analysis: First Objective Hit on Short

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • AUD/USD Technical Strategy: Short at 0.9186
  • Support:0.9085, 0.8955, 0.8826
  • Resistance: 0.9195, 0.9264, 0.9362

The Australian Dollar continues to sink against its US counterpart, with prices touching the lowest level in nearly six months. A daily close below the 38.2% Fibonacci expansion at 0.9085 exposes the 50% level at 0.8955. Alternatively, a turn above channel floor support-turned-resistance at 0.9192 clears the way for a challenge of the 0.9245-64 area marked by a rising trend line set from April and the 23.6% expansion.

We entered short AUDUSD at 0.9186, initially targeting 0.9085. The trade has met its initial profit objective and we’ve booked half of our exposure. The remainder will be left open to capture any further downside momentum with a stop-loss at breakeven (0.9186).

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AUD/USD Technical Analysis: First Objective Hit on Short

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.

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