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AUD/USD Technical Analysis: Aussie Slumps to 6-Month Low

AUD/USD Technical Analysis: Aussie Slumps to 6-Month Low

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • AUD/USD Technical Strategy: Short at 0.9186
  • Support:0.8955, 0.8826, 0.8665
  • Resistance: 0.9085, 0.9187, 0.9245

The Australian Dollar is working on the seventh consecutive down day against its US namesake as prices probe the weakest levels in six months. Near-term support is at 0.8955, the 50% Fibonacci expansion, with a break below that on a daily closing basis exposing the 61.8% level at 0.8826. Alternatively, a reversal above the 38.2% Fib at 0.9085 opens the door for a test of channel floor support-turned-resistance at 0.9187.

We sold AUDUSD at 0.9186 and have since taken profit on half ofour exposure. The rest remains open to capture further downside momentum with a stop-loss at breakeven (0.9186).

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

AUD/USD Technical Analysis: Aussie Slumps to 6-Month Low

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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