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AUD/USD Technical Analysis: Six-Day Loss Streak Broken

AUD/USD Technical Analysis: Six-Day Loss Streak Broken

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, 0.9185, 0.9245

The Australian Dollar paused for a brief respite after six consecutive days of losses against its US counterpart. A daily close below the 50% Fibonacci expansionat 0.8955 exposes the 61.8% level at 0.8826. Alternatively, a rebound back above the 38.2% Fib at 0.9085 opens the door for a test of channel floor support-turned-resistance at 0.9185.

We entered short 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).

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AUD/USD Technical Analysis: Six-Day Loss 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.

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