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AUD/USD Technical Analysis: Aussie Swoons to 8-Month Low

AUD/USD Technical Analysis: Aussie Swoons to 8-Month Low

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • AUD/USD Technical Strategy: Short at 0.9186
  • Support:0.8853, 0.8792, 0.8693
  • Resistance: 0.8902, 0.8952, 0.9013

The Australian Dollar continues to sink against its US namesake, with prices dropping to the lowest level in close to eight months. A daily close below the 61.8% Fibonacci expansion at 0.8853 exposes the 76.4% level at 0.8792. Alternatively, a turn back above the 50% Fib at 0.8902 opens the door for a test of the 38.2% expansion at 0.8952.

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).

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

AUD/USD Technical Analysis: Aussie Swoons to 8-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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