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AUD/USD Technical Analysis: Longest Loss Streak in Decades

AUD/USD Technical Analysis: Longest Loss Streak in Decades

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support:0.8263, 0.8137, 0.7934
  • Resistance:0.8364, 0.8466, 0.8592

The Australian Dollar fell for a seventh consecutive day against its US namesake, making for the longest streak in at least 21 years. Near-term support is at 0.8263, the 61.8% Fibonacci expansion, with a break below that on a daily closing basis exposing the 76.4% level at 0.8137. Alternatively, a turn above the 50% Fib at 0.8364 clears the way for a test of the 38.2% expansion at 0.8466.

Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests that taking up the long side is premature. With that in mind we will remain flat for now.

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

AUD/USD Technical Analysis: Longest Loss Streak in Decades

Daily Chart - Created Using FXCM Marketscope

--- 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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